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CMA CGM bids 3bn euros for Singapore's Neptune Orient Lines

The world’s third-largest shipping firm, CMA CGM of France, has bid of $3.4 billion (3.13 billion euros) to buy Singapore’s Neptune Orient Lines. It

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CMA CGM bids 3bn euros for Singapore's Neptune Orient Lines

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The world’s third-largest shipping firm, CMA CGM of France, has bid of $3.4 billion (3.13 billion euros) to buy Singapore’s Neptune Orient Lines. It wants to expand its presence on trans-Pacific routes.

The deal would require anti-trust approvals from the US, Europe and China. Temasek which owns two thirds of NOL has accepted the offer – which awaits a formal launch, probably mid-next year.

NOL has struggled amid a prolonged downturn in the global shipping market, posting four consecutive years of losses.

Smaller shipping firms have been put risk, with larger ones seeking to consolidate their activity.