Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

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

 Comments
CMA CGM bids 3bn euros for Singapore's Neptune Orient Lines
Euronews logo
Text size Aa Aa

The world’s third-largest shipping firm, CMACGM 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.