Chinese regulator green-lights $3.4b NOL takeover
A formal offer will be launched in June.
French shipping conglomerate CMA CGM has received regulatory approval from the Chinese Ministry of Commerce for its pending acquisition of Singapore-listed Neptune Orient Lines.
With regulatory approvals now received from MOFCOM and the European Commission on its takeover bid, CMA CGM
expects to announce the offer by June 2, 2016 at the latest.
In December last year, CMA CGM had unveiled a pre-conditional voluntary general offer for all shares in NOL at $1.30 apiece, valuing the group at S$3.4 billion.
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