CMA CGM Wraps Up Compulsory Acquisition of NOL Shares

POLB French container shipping giant CMA CGM has completed the exercise of its rights of compulsory acquisition of all the Neptune Orient Lines Limited (NOL) shares held by NOL shareholders. Namely, the company bought the remaining shares owned by NOL shareholders who had not accepted the all-cash voluntary conditional general offer, at a price per share equal to the Offer Price of SGD 1.3 (USD 0.96). The company said that NOL is now a wholly-owned subsidiary of CMA CGM and will be delisted from the Official List of the Singapore Exchange Securities Trading Limited (SGX-ST). In early August, NOL obtained the waivers and approval from the SGX-ST for its delisting and the company said its shares would be delisted from the SGX-ST with effect from 9 a.m. on September 6, 2016. CMA CGMs all-cash voluntary unconditional general offer for Neptune Orient Lines Limited (NOL), which closed on July 18, pushed its ownership in NOL’s share capital to 97.83%. The compulsory acquisition was announced in late June, as CMA CGM crossed the compulsory acquisition ownership threshold in NOL.