The Anti-monopoly Bureau of the Chinese Ministry of Commerce (MOFCOM) has approved CMA CGM’s acquisition of Neptune Orient Lines (NOL).
The French giant said it expects to announce its proposed voluntary general cash offer for NOL by June 2, 2016.
In December 2015, CMA CGM announced a pre-conditional voluntary general cash offer for NOL at the price of SGD1.30 (US$0.94) per share.
According to the French carrier, the acquisition will result in combined turnover of US$22bn and a fleet size of 563 vessels.
The combined company is expected to hold 11.5% of the market share in container shipping, with a total fleet capacity of 2.4m teu.