CMA CGM's proposed acquisition of NOL approved by European Commission

SINGAPORE - Container shipping giant CMA CGM said on Friday (April 29) it has received approval from the European Commission for its pending acquisition of Neptune Orient Lines (NOL), South-east Asia's largest shipping company.

It notified the European Commission about the proposed transaction on March 8.

This was cleared on Friday, after what is known as a Phase 1 review, under conditions which were namely NOL's exit from the G6 shipping alliance.

CMA CGM said: "Both companies will continue to cooperate with the remaining authorities to close their reviews as quickly as possible."

The proposed voluntary general cash offer for NOL will be launched when all the pre-conditions to the offer - as announced on Dec 7 - have been satisfied or waived where applicable.

rachaelb@sph.com.sg