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Following the fulfillment of certain conditions, including regulatory approval by government agencies, CMA CGM will launch an offer priced at SDG 1.30 (just over 92 cents U.S.) per share. That represents a 49-percent premium to NOL's unaffected share price, the carrier said. Upon conclusion of the deal, CMA CGM will establish a regional head office in Singapore. The offer has been unanimously approved and recommended by NOL’s board of directors, it said, and NOL's majority shareholders have already undertaken to tender all of their shares. “This transaction will represent a significant milestone in the development of CMA CGM,” said vice chairman Rodolphe Saadé. “Leveraging the complementary strengths of both companies, CMA CGM will further reinforce its position as a leader in global shipping with combined revenue of $22bn and 563 vessels.” The merged operation would be the world’s third-largest container carrier in terms of both fleet capacity and market share. In 2014, the CMA CGM group handled more than 12 million 20-foot equivalent units (TEU.S.). NOL’s vessels provide a combined capacity of 618,000 TEUs.
Source: CMA CGA
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