CMA CGM crosses 90% ownership threshold in NOL

FRENCH shipping giant CMA CGM said on Monday it has crossed the 90 per cent ownership threshold in Singapore-listed Neptune Orient Lines (NOL).

Following its all-cash voluntary conditional general offer for NOL launched on June 6, CMA CGM now owns some 2.36 billion shares representing about 90.68 per cent of NOL's share capital.

CMA CGM intends to exercise its right to compulsorily acquire all the NOL shares held by shareholders who have not accepted the offer and intends to have NOL delisted from the mainboard of Singapore Exchange.