CMA CGM proposed acquisition of NOL receives approval from European Commission

CMA CGM has announced that it has received approval from the European Commission for its pending acquisition of Neptune Orient Lines (NOL). The proposed transaction was notified to the European Commission on March 8, 2016 and was cleared today following a Phase 1 review, under the conditions put forward by the company, namely NOL’s exit from the G6 shipping alliance.

Both companies have announced an intention to continue to cooperate with the remaining authorities to close their reviews as quickly as possible. The proposed voluntary general cash offer for NOL (Offer) is expected to be launched when all the pre-conditions to the Offer as announced on 7 December 2015 have been satisfied or (where applicable) waived.

Source: CMA CGM