PARIS: French transport company CMA CGM SA on Monday said it had achieved its goal of acquiring 90 percent of Singapore-based Neptune Orient Lines Ltd (NOL), as it seeks to cement its position as a global leader in container shipping. Marseille, France-based CMA CGM said it intended to delist remaining NOL shares from trading on the Singapore stock exchange.
“With the public float of NOL shares now falling below the minimum threshold of 10 percent, the Singapore Exchange Securities Trading Limited may suspend the trading of NOL shares at the close of the offer,” CMA CGM said in a statement. The acquisition of NOL allows CMA CGM to consolidate its position at the global level, with a market share of about 11.5 percent, 540 ships and turnover of 19 billion euros (US$21 billion).
