CMA CGM crosses 90% ownership threshold in NOL

It will compulsorily acquire all remaining shares soon.

French shipping conglomerate CMA CGM announced that it has crossed the 90% ownership threshold in Neptune Orient Lines Limited (NOL), following the launch of its all-cash takeover offer which was launched on June 6.

CMA CGM now owns 2,361,044,044 shares representing approximately 90.68% of NOL’s share capital. The company said that it intends to exercise its right to compulsorily acquire all remaining NOL shares should its stake rise above 91.05%.

NOL shareholders who accept the offer before the close of the offer on July 18 will be paid $1.30 per NOL share within 7 business days after the date of receipt of their valid acceptance.

“With the public float of NOL shares now falling below the minimum threshold of 10%, the Singapore Exchange Securities Trading Limited may suspend the trading of NOL shares at the close of the Offer. In the event of a trading suspension, CMA CGM does not intend to take steps for the suspension to be lifted,” CMA CGM said in a statement.