SINGAPORE: France's CMA CGM SA is in exclusive talks to buy Singapore's Neptune Orient Lines Ltd (NOL), as global shipping companies grapple with ways to revive earnings amid a glut of new vessels, shrinking demand and declining prices.
A deal would bring together the world's third-largest container company with South-East Asia's biggest container shipper. CMA CGM has until Dec 7 to complete a due diligence review and negotiate the definitive agreements for the offer, Neptune Orient said in a statement on Saturday.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
