France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg. The world’s No. 3 container shipping company is in talks with banks including BNP Paribas SA, HSBC Holdings Plc and JPMorgan Chase & Co. for loans to back an offer for NOL. CMA CGM is the third largest container company in the world and has 8.8 per cent of market share according to container analyst Alphaliner. NOL was started as Singapore’s national shipping line, and following a US$285 million merger in 1997 with American President Lines (APL), it has developed into a company with more than 6,000 staff across 80 countries.
