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CMA CGM crosses 91.05% ownership threshold of NOL
[ July 1, 2016 // Gary G Burrows ]CMA CGM officials crossed the 91.05% threshold in its acquisition of Neptune Orient Lines Limited (NOL). Following its all-cash voluntary conditional general offer for NOL which was launched on June 6th, 2016, CMA CGM now owns 2,376,715,557 shares representing approximately 91.28% of NOL’s share capital.
CMA CGM confirms that it intends to exercise its rights of compulsory acquisition to compulsorily acquire all the NOL shares held by NOL shareholders who have not accepted the offer.
CMA CGM will exercise its rights to compulsorily acquire the remaining NOL shares as soon as practicable after the close of the offer. Payment for NOL shares that are compulsorily acquired will be made in cash within 7 business days after the completion of the compulsory acquisition exercise, which is expected to take at least one month from its commencement.