CMA CGM raises stake in NOL to 2.32%

FRENCH container shipping group CMA CGM scooped up a further 2.4 million shares of Neptune Orient Lines (NOL) from the open market on Thursday at S$1.235 and S$1.24 per share.

Following the latest transaction, the Marseille-based company now owns 2.32 per cent of its takeover target NOL.

CMA CGM has made several open-market purchases of NOL's shares since December 2015 when it launched a pre-conditional voluntary general offer for all shares in the Singapore-listed liner.

The open-market purchases have all been transacted at below the takeover bid of S$1.30 per NOL share.

NOL shares finished 0.5 Singapore cent or 0.4 per cent lower at S$1.23 on Thursday.