You are here

CMA CGM to buy 367,000 NOL shares at S$1.24 apiece in open market

5632.jpg
French container shipping giant CMA CGM SA offered to acquire 367,000 shares of Singapore's Neptune Orient Lines (NOL) at S$1.24 per share on Friday.

FRENCH container shipping giant CMA CGM SA offered to acquire 367,000 shares of Singapore's Neptune Orient Lines (NOL) at S$1.24 per share on Friday.

CMA CGM detailed the offer in a Monday filing to the Singapore Exchange.

As part of the pre-conditional voluntary general offer that was announced on Dec 7, CMA CGM said on Monday that it will acquire the 367,000 shares, or 0.01 per cent of shares issued by NOL, by way of open market purchases.

This offer would result in CMA CGM holding 20,152,180 shares of NOL, or 0.77 per cent of the issued share capital.

Marseille-based CMA CGM, the world's third-largest container shipping firm, offered earlier this month S$1.30 a share for all of NOL in a pre-conditional voluntary general offer subject to anti-trust clearances in the US, European Union and China.

NOL's counter traded flat at S$1.24 as at 9.26am on Monday.