Temasek Holdings, the controlling shareholder of Neptune Orient Lines (NOL), is likely to have agreed to sell to France's CMA CGM at a slight discount in hopes that the deal would bring greater economic benefit to Singapore, a broker report said on Tuesday.
The shipping firm announced a S$3.4 billion takeover offer from CMA CGM that implied a valuation of 0.96 times price-to-book. NOL was trading at about 0.7 times of its book value before July 16, the day news broke that Temasek planned to sell its stake to the French suitor...............................................Full Article: Source
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