ShippingWatch

NOL acquisition triggers billion dollar divestments at CMA CGM

When the acquisition of Neptune Orient Lines (NOL) is finalized, French CMA CGM plans to divest assets for at least USD 1 billion. The carrier will also open regional headquarters in Singapore.

Photo: APM Terminals

On Monday morning, CMA CGM announced its acquisition of Neptune Orient Lines (NOL) for USD 2.4 billion, a transaction that primarily awaits regulatory approval from competition authorities in the US, China and Europe, and which is not expected to be completed before mid-2016. When the deal is fully settled, the French container carrier expects to divest assets and gain synergies over the next two years totaling at least USD 1 billion, in order to reduce its gearing, informs the carrier in the statement.

This involves ships as well as terminals, which will be included in the strategic review scheduled for when the transaction is finalized, explained CMA CGM's CFO according to Tradewinds on Monday.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

One alternative fuel may be particularly dangerous

In a new study – which Maersk, Shell, Euronav and MSC Ship Management, among others, are behind – the new alternative fuels are ranked based on how dangerous they are. The industry has to be careful with one of them, in particular.

Further reading

Related articles

Latest news

See all jobs