French container shipping company CMA CGM S.A. has crossed the 90 percent ownership threshold in Neptune Orient Lines Limited (NOL) following its all-cash voluntary conditional general offer for NOL which was launched on June 6.
The French giant now owns 2,361,044,044 shares representing 90.68 percent of NOL’s share capital.
The company satisfied on 9 June the acceptance condition in its offer, after NOL’s shareholders tendered all of their shares in acceptance of the deal.
“With the public float of NOL shares now falling below the minimum threshold of 10%, the Singapore Exchange Securities Trading Limited (SGX-ST) may suspend the trading of NOL shares at the close of the offer,” CMA CGM said, adding that, in the event of a trading suspension, it does not intend to take steps for the suspension to be lifted.
Furthermore, the company said that it intends to have NOL delisted from the Main Board of the SGX-ST as well as exercise its right of “compulsory acquisition to acquire all the NOL shares held by shareholders who have not accepted the offer,” should it acquire more than 91.05 percent of NOL shares.
The company said that it is offering NOL shareholders a price of SGD 1.30 per share in cash, which will not be increased.
Acceptance of the offer must be received no later than 5:30 p.m. (Singapore time) on 18 July 2016 or such later date(s) as may be announced from time to time by or on behalf of CMA CGM.
On June 10, CMA CGM took the controlling stake of approximately 78.07 percent of all NOL shares from the company’s majority shareholders, led by Singapore’s investment fund Temasek.
Further to the agreement, NOL’s Board of Directors changed, now comprising ten members, including Rodolphe Saadé (Chairman), Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.