Shares in Neptune Orient Lines, parent of container carrier APL, fell 0.41 percent yesterday after trading had been temporarily suspended due to an acquisition offer from French ocean carrier CMA CGM.
Stock in Neptune Orient Lines, parent of container carrier APL, has been stagnant since the lifting of a temporary suspension of trading yesterday.
Shares of the Singapore-owned shipping company had been suspended briefly due to an acquisition offer from CMA CGM. The French ocean carrier’s $2.4 billion bid would combine the third and twelfth largest liner operations in the world by capacity.
NOL shares, which are traded on the Singapore stock exchange, fell 0.41 percent from Singapore $1.225 (U.S. $0.87) to close at S$1.220 on Tuesday and remained flat Wednesday, fluctuating only slightly in trading throughout the day.
Prior to the suspension of trading, the company’s stock had risen 21.8 percent since the beginning of the November when NOL announced it had entered into preliminary discussions with CMA CGM and Danish giant Maersk Line about a potential sale.
Shares were down to S$0.96 (U.S. $0.68) as of close of markets on Monday, Nov. 2.
A merger between NOL and CMA CGM would create a combined company with 563 ships with capacity of about 2.4 million TEUs and annual revenues of $22 billion.
NOL stock stagnant following CMA CGM offer
