CMA CGM piles up on NOL shares

Singapore

CMA CGM has acquired in the first two days of this week a total of 2.26 million shares in Neptune Orient Lines (NOL), six months before it is scheduled to make good its S$3.4 billion takeover bid for the Singapore-listed liner.

CMA CGM's financial advisers comprising the Singapore branches of BNP Paribas and The Hongkong and Shanghai Banking Corporation as well as JP Morgan (S.E.A) said in announcements on behalf of the Marseilles-based container shipping group that it bought the shares on the open market.