Temasek sells all of its shares in NOL; CMA’s offer turns unconditional

CMA now has 78.07% stake in the company.

Temasek has accepted French shipping conglomerate’s CMA CGM’s offer to buy all of its shares in Neptune Orient Lines (NOL).

Temasek and its affiliates has tendered all of their shares in acceptance of the offer, which has been declared to be wholly unconditional.

CMA CGM currently owns approximately 78.07% of all NOL shares, and does not intend to preserve the listing status of NOL.

“Their complementary strengths will yield mutually beneficial results. We also note and welcome the commitment of CMA CGM to enhance Singapore’s position as a key maritime hub and grow Singapore’s container throughput volumes,” said Temasek’s Joint Head, Portfolio Management Group, Mr Tan Chong Lee.

CMA CGM is offering $1.30 per NOL share in cash, with no intent to increase the offer price.NOL shareholders who have already validly accepted the offer will be paid within 7 business days from 9 June. Meanwhile, shareholders who accept the offer after 9 June but before the Closing Date will be paid within 7 business days after the date of receipt of their valid acceptance.