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July 19, 2016updated 09 Mar 2022 3:01pm

CMA CGM completes acquisition of Singaporean firm NOL

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.

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.

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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.

“Following the closure of the offer, trading in NOL has been suspended.”

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.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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