By Joyce Koh Pooja Thakur Mahrotri (Bloomberg) 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 … [Read more...]
Neptune Orient Lines Jumps to Highest Since May on Takeover Talks
By Kyunghee Park (Bloomberg) -- Neptune Orient Lines Ltd. jumped to the highest level in more than five months in Singapore trading after the company became a takeover target for two of the world’s largest container ship operators. Shares of Neptune Orient, which gained as much as 8.1 percent earlier, closed up 1 percent at S$1.055, the highest price since May … [Read more...]
CMA CGM, Maersk in Talks to Buy Singapore’s Neptune Orient Lines
By Joyce Koh, Jonathan Browning and Aaron Kirchfeld (Bloomberg) -- Neptune Orient Lines Ltd. said it’s in separate talks with France’s CMA CGM SA and Denmark’s A.P. Moeller-Maersk A/S on a potential sale of the Singapore container shipping company. “NOL has a duty to assess all options to maximize shareholder value and improve its competitiveness,” the company … [Read more...]
CMA CGM Said in Talks to Buy Singapore’s Neptune Orient Lines
(Bloomberg) -- France’s CMA CGM SA is in talks to acquire Singapore container shipping company Neptune Orient Lines Ltd., as majority owner Temasek Holdings Pte seeks a buyer, people with knowledge of the matter said. CMA CGM has made a preliminary offer for NOL, which has a market value of S$2.7 billion ($1.9 billion), two of the people said, asking not to be … [Read more...]
Neptune Orient Lines Swings to First Profit in Six Quarters
SINGAPORE, July 30 (Reuters) - Singapore's Neptune Orient Lines Ltd (NOL) swung to a tiny net profit in its second quarter after six straight quarters of losses but said it had seen severe freight rate erosion. "The group's container shipping business continued to face a challenging environment characterized by over-capacity and weak market demand," NOL Group CEO … [Read more...]