CMA CGM to acquire Neptune Orient Lines for $2.4bn

French shipping line CMA CGM has agreed a US$2.4bn acquisition of Singapore-based Neptune Orient Lines (NOL) after seeing off competition from Maersk Line.

The takeover will see CMA CGM cement its place as the third largest global carrier with a combined turnover of US$22bn, a total capacity of 2.4m teu and a fleet size of 563 vessels.

The proposed cash acquisition of NOL, which has failed to make a full-year profit since 2010, is at SGD1.30 per NOL share, representing a 49% premium to NOL’s unaffected share price, fully financed.