CMA CGM now owns over 5% of takeover target NOL

NOL

CMA CGM now owns over 5% of takeover target Neptune Orient Lines (NOL).

Continuing almost daily open market purchases at below its takeover offer price if SGD1.30 CMA CGM increased its stake in NOL to 5.29% last week.

The takeover is not expected to be completed till the second half of 2016 so some shareholders are opting to sell at below the offer price rather than hang on the shares for six months or longer.

NOL main shareholder Temasek Holdings accepted the SGD1.30 per share takeover offer last December, subject to regulatory approvals.

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