CMA CGM Delists Neptune Orient Lines
Shares of Neptune Orient Lines (NOL) - now a wholly owned unit of French container ship operator CMA CGM - delisted from the Singapore Exchange (SGX) with effect from 9am September 07.
CMA CGM said in a press release on Monday (Sep 5) that NOL had obtained the necessary waivers and approval from SGX for the delisting, which will take effect at 9am on Tuesday.
CMA CGM has completed the exercise of its rights of compulsory acquisition of all NOL shares held by shareholders who did not accept the all-cash voluntary conditional general offer.
The takeover has marked CMA CGM’s biggest ever acquisition and came as container lines sought to cope with a severe market downturn through greater scale.
After successfully acquiring a controlling interest in NOL, CMA CGM has consolidated the Singapore-based company since 14 June. The European Commission gave its approval for the deal at the end of April.
