BREAKING NEWS
This content is not available in your region

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

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