The general offer by CMA CGM S.A. for Neptune Orient Lines Limited (NOL) has been declared to be wholly unconditional after majority shareholders Temasek and its affiliates tendered all of their shares in acceptance of the offer.
“We are supportive of this transaction as it presents NOL with an opportunity to join a leading player with an extensive global presence and solid operational track record. The combination of NOL and CMA CGM will create a leading shipping company that delivers reliable and efficient service to its customers,” says Tan Chong Lee, Temasek’s Joint Head, Portfolio Management Group.
“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,” adds Tan.
CMA CGM now owns 78.07% of all NOL shares and does not intend to preserve the listing status of NOL.
Further to the offer implementation agreement, this change in control results in a change in the composition of NOL's board of directors. Consequently, a reconstituted board of directors, comprising 10 members, has been appointed with effect from Thursday.
The members of the reconstituted board of directors is made up of Rodolphe Saadé (Chairman), Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.
CMA CGM is offering NOL shareholders the offer price of $1.30 per NOL share in cash, valuing the latter at $3.4 billion. CMA CGM does not intend to increase the offer price.
NOL shareholders who accept the offer will be paid within seven business days after the date of receipt of their valid acceptance.
NOL closed at $1.30 on Thursday.
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“We are supportive of this transaction as it presents NOL with an opportunity to join a leading player with an extensive global presence and solid operational track record. The combination of NOL and CMA CGM will create a leading shipping company that delivers reliable and efficient service to its customers,” says Tan Chong Lee, Temasek’s Joint Head, Portfolio Management Group.
“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,” adds Tan.
CMA CGM now owns 78.07% of all NOL shares and does not intend to preserve the listing status of NOL.
Further to the offer implementation agreement, this change in control results in a change in the composition of NOL's board of directors. Consequently, a reconstituted board of directors, comprising 10 members, has been appointed with effect from Thursday.
The members of the reconstituted board of directors is made up of Rodolphe Saadé (Chairman), Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.
CMA CGM is offering NOL shareholders the offer price of $1.30 per NOL share in cash, valuing the latter at $3.4 billion. CMA CGM does not intend to increase the offer price.
NOL shareholders who accept the offer will be paid within seven business days after the date of receipt of their valid acceptance.
NOL closed at $1.30 on Thursday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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