French container transport group CMA CGM has taken full management of Singapore’s Neptune Orient Lines after crossing the 90% possession threshold required to take the corporate non-public.

CMA CGM introduced Monday that it now owns 2,361,044 shares representing roughly 90.68% of NOL’s share capital after launching its all-cash supply for NOL on June 6, 2016.

Under Singapore regulation, the Singapore Exchange Securities Trading Limited (SGX-ST) might now droop buying and selling of NOL shares on the shut of the supply. CMA CGM says it doesn’t intend to take steps for the suspension to be lifted.

The firm additionally intends to have NOL delisted from the Main Board of the SGX-ST. CMA CGM additional confirmed that it intends to train its proper beneath Singapore regulation to amass all of the NOL shares held by shareholders who haven’t excepted the supply ought to it purchase greater than 91.05% of NOL shares.

CMA CGM is providing NOL shareholders a agency supply worth of SGD 1.30 per NOL share in money.

CMA CGM has mentioned it believes that the acquisition of NOL would allow CMA CGM to strengthen its place as a pacesetter within the container transport trade, with a capability of roughly 2.35 million TEUs, a market share of roughly 11.7%, a fleet of roughly 540 vessels, and a mixed annual turnover of roughly US$21 billion. The acquisition additionally reinforces CMA CGM’s dedication to Singapore as a pacesetter within the maritime and transport trade.