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.