| Temasek Holdings has agreed to sell its entire 67 per cent stake in Neptune Orient Lines (NOL) to France’s CMA CGM, the world’s third-largest container shipper, which today (Dec 7) announced a S$3.4 billion offer to buy the iconic Singapore shipping firm to expand its presence on trans-Pacific routes.
In its voluntary general offer, CMA CGM will pay S$1.30 a share in cash for the 2.6 billion shares in NOL, 6 per cent above the last closing price on the Singapore Exchange, and a 33 per cent premium to the three-month volume-weighted average price to July 16. The offer comes amid a prolonged downturn in the global shipping market caused by overcapacity, slowing global growth and weak commodity prices, with NOL having posted a net loss of US$96 million for the July-to-September period, its worst in six quarters...............................................Full Article: Source
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