CMA - CGM ACQUIRES SINGAPOREAN TRANSPORT COMPANY NOL
The French group CMA - CGM (Compagnie Maritime d’Affrètement - Compagnie Générale Maritime), the third largest shipping company in the world, announced through its vice-president Rodolphe Saadé the acquisition for $ 3.8 billion of the transport company Nepture Orient Lines (NOL), leader in Singapore and in the region.
NOL, created in 1968 by the Singapore government, was until now mostly controlled by the public investment fund Temasek. It ranks 12th in the world, employs 7400 people and operates 94 vessels.
CMA CGM plans to strengthen its presence in Singapore by establishing its regional office there and using the city-state as a key hub in Asia