SINGAPORE, Dec 7 (Reuters) – France’s CMA CGM is set to buy a stake of almost 67 percent in Neptune Orient Lines from Singapore state investor Temasek Holdings, a source with knowledge of the deal said.
CMA CGM is likely to pay a significant premium over NOL’s “unaffected price”, the level in early November when the Singapore shipping firm had confirmed talks with potential acquirers, the source said, who declined to be named ahead of the announcement expected later on Monday.
A deal with Temasek will be followed by an offer for the remaining shares in the Singapore-listed firm under local rules.
NOL, which has a market capitalization of $2.3 billion, has struggled amid a prolonged downturn in the global shipping market, posting four years of consecutive losses. But its plans to offload assets have helped buoy the company’s share price by roughly 45 percent so far this year. (Reporting by Saeed Azhar; Editing by Ryan Woo and Edwina Gibbs)
(c) Copyright Thomson Reuters 2015.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,893 members that receive our newsletter.
Have a news tip? Let us know.
SINGAPORE, April 24 (Reuters) – Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives said....
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,893 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
