Neptune Orient Line

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CMA CGM closes in on NOL acquisition

In a statement issued over the weekend, NOL issued a statement announcing that it and its single largest shareholder, Lentor Investments Pte. Ltd., a wholly-owned subsidiary of Singapore Government owned Temasek Holdings (Private) Limited), have “entered into an exclusivity agreement with CMA CGM S.A. with respect to a potential acquisition of NOL by way of pre-conditional voluntary general offer.”

CMA CGM has been granted exclusivity until 11.59 p.m. (Singapore time) on December 7, 2015 “to complete customary confirmatory due diligence on NOL and its subsidiaries and negotiate the definitive agreements to be entered into in relation to the offer.”

The rest of the announcement is corporate boiler plate: “There is no assurance that such negotiation will result in any definitive agreement or transaction or that any offer for NOL will be made. NOL will make an appropriate announcement in the event that there are any material developments. Shareholders of NOL and investors are therefore advised to exercise caution when dealing in shares in and other securities of NOL.”