CMA CGM SA offered to buy Singapore’s Neptune Orient Lines Ltd. for about S$3.4 billion ($2.4 billion) in cash to help strengthen its operations on routes within Asia.

CMA CGM offered S$1.30 a share for Neptune Orient, the companies said in a statement to the Singapore exchange Monday. The offer is about 6.1 percent more than Neptune Orient’s last closing price of S$1.225 Friday. The stock was halted from trading Monday pending the deal announcement. The price would value Neptune Orient at about S$3.4 billion, according to Bloomberg calculations.

Singapore state investment company Temasek Holdings Pte. owns about 67 percent of Neptune Orient, according to data compiled by Bloomberg.

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