Deals
CMA CGM Offers $2.4 Billion to Take Over Neptune Orient
- Temasek selling its stake as local shipper runs up losses
- Deal will help French line compete with its larger rivals
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CMA CGM SA offered to buy Singapore’s Neptune Orient Lines Ltd. for S$3.38 billion ($2.4 billion), creating a container shipping line with stronger Asian and U.S. routes that narrows the gap with market leader A.P. Moeller-Maersk A/S.
The French company, the No. 3 container shipping company by capacity, will pay S$1.30 a share, 6.1 percent more than Neptune Orient’s closing price Friday, the two companies said in a statement Monday. Shareholders have approved the takeover, including Singapore state investment company Temasek Holdings Pte, which owns about 67 percent of Neptune Orient.