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Sovereign Wealth Funds Briefing - Categorized | Investment

France’s CMA in exclusive talks to buy Temasek’s shipper

Posted on 23 November 2015

France’s CMA CGM SA is in exclusive talks to buy Singapore’s Neptune Orient Lines Ltd, as global shipping companies grapple with ways to revive earnings amid a glut of new vessels, shrinking demand and declining prices. A deal would bring together the world’s third-largest container company with Southeast Asia’s biggest container shipper. CMA CGM has until December 7 to complete a due diligence review and negotiate the definitive agreements for the offer, Neptune Orient said in a statement Saturday.
The Singapore-based liner is 67 per cent-owned by state investment company Temasek Holdings Pte. “Temasek has been looking for a buyer for a while now, so if somebody comes along with a price they and NOL are comfortable with, consolidation may be good,” said Song Seng Wun, an economist at CIMB Private Banking in Singapore………………………………………..Full Article: Source


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