CMA CGM Takes Control at NOL, Reshuffles the Board
France’s CMA CGM now holds over 78 percent of the shares in Neptune Orient Lines (NOL), bringing it closer to taking the Singapore company private.
CMA CGM currently owns approximately 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 ten members, has been appointed with effect from 9 June.
The members of the reconstituted Board of Directors are Mr. Rodolphe Saadé (Chairman), Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mrs. Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.
“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,” said Temasek’s Joint Head, Portfolio Management Group, Tan Chong Lee.
“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,” Tan said.
The takeover offer, which received regulatory clearance from China last month, marks CMA CGM's biggest ever acquisition and comes as container lines seek to cope with a severe market downturn through greater scale.
