Dec. 7, 2015, 10:43 AM
- French shipping company CMA CGM (OTCPK:CMANY) agrees to acquire container company Neptune Orient Lines (OTCPK:NPTOF) of Singapore for $2.4B, excluding debt, creating a combined company with $22B in revenues that operates 563 vessels.
- Singapore government-backed investment firm Temasek, one of Neptune's major shareholders, says it supports the offer and will tender all of its shares.
Dec. 7, 2015, 9:03 AM
- France's CMA CGM has agreed to buy Neptune Orient Lines (OTCPK:NPTOY), Southeast Asia's largest container shipping company, for $2.4B.
- "At a time when the shipping industry is facing strong headwinds, scale is more critical than ever to capitalize on synergies and capture growth opportunities wherever they arise," said Rodolphe Saade, the vice chairman of CMA CGM.
- The combined companies would have revenue of $22B and operate 563 vessels.
- Related: New shipping rule angers exporters (Dec. 07 2015)