| In the latest chapter to sell-off its debt ridden assets, Singapore’s S$266 billion (US$189 billion) sovereign wealth fund Temasek agreed this week to relinquish its 67% stake in shipping company Neptune Orient Lines (NOL) to French container shipping giant CMA CGM for an estimated US$2.4 billion.
Once clear of antitrust regulations, CMA CGM will launch an offer price of S$1.30 (US$0.92) per share which represents a 49% premium to NOL’s unaffected share price and a 33% premium to NOL’s three-month, volume-weighted average share price. This will be the biggest transaction for the container shipping industry since Maersk bought Royal P&O Nedlloyd NV for US$2.9 billion in 2005..............................................Full Article: Source
|