CMA CGM readies $3.4b cash offer for NOL

It will pay $1.30 per share.

France’s CMA CGM SA is nearing a definitive offer to buy Neptune Orient Lines Ltd. for about S$3.4 billion ($2.4 billion), people with knowledge of the matter said, consolidating its position in an industry facing its worst year since 2009, according to a report by Bloomberg.

CMA CGM plans to offer about S$1.30 a share in cash for the Singapore-based container line, the people said, asking not to be named ahead of a formal announcement expected as soon as Monday in Singapore. Shares of Neptune Orient, Southeast Asia’s biggest container shipping company, were halted from trading pending an announcement, according to a company filing.

Read the full report here.