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French container shipping firm CMA CGM plans to delist Neptune Orient Lines (NOL) following its takeover of the Singaporean shipper, CMA CGM’s vice chairman Rodolphe Saade told.
CMA CGM, the world’s third-largest container shipping company, said earlier this month it holds over 78 per cent of NOL shares after buying Temasek Holdings’ stake in a USA$2.4-billion deal agreed last year. Minority shareholders can sell their shares to CMA CG until July 18. Mr Saade said he was confident they will sell and added that as soon as CMA CGM holds 90 per cent of NOL, Singapore law will oblige any remaining minority shareholders to sell, after which NOL will be delisted.
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