CMA to buy debt-laden NOL for $2.4 billion

The French container shipping company is set to acquire ailing Singapore-based rival NOL amid a sector-wide consolidation crunch.

CMA to buy debt-laden NOL for $2.4 billion

CMA CGM, the world’s third-largest container shipping company, has made a pre-conditional cash offer of $2.4 billion for Singapore-based rival Neptune Orient Lines marking another major milestone in the consolidation of global shipping.

The France-headquartered firm fended off interest from rivals such as Denmark’s Moller-Maersk, Germany’s Hapag-Lloyd, Orient Overseas Container Line of Hong Kong, and Korea’s Hyundai Merchant Marine to announce the purchase on Monday.

The deal will proceed pending antitrust...

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