CMA CGM has reported that its all-cash voluntary unconditional general offer for Neptune Orient Lines Limited (NOL) has closed, following which it now owns 97.83% of share capital in NOL.
The last day of trading in shares of NOL on the Singapore Exchange finished on 18 June. Following the closure of the offer, trading in NOL has been suspended.
NOL, which was Singapore's national shipping company, was purchased by French shipping fim CMA CGM for $2.5bn.
The French firm has crossed the required threshold, thereby enabling it to force remaining shareholders to divest their shares, reported marinelink.com.
It has commenced the compulsory acquisition process of the remaining 2% shares on the market. It will pay the equal price of voluntary offer for these remaining shares.
CMA CGM in a press release stated: "Payment for NOL shares that are compulsorily acquired will be made in cash within seven business days after the completion of the compulsory acquisition exercise, which is expected to take at least one month from its commencement."
With the completion of the remaining shares on the market, NOL will become a fully owned unit of CMA CGM, following which the latter intends to delist the NOL from Singapore stock exchange.