CMA CGM has increased its stake in Neptune Orient Lines (NOL) to 1.18% as it continues to buy up shares on the open market for less than its takeover offer.

CMA CGM bought 6.6m shares in NOL on the open market, 1.78m for SGD1.235 per share and 4.82m for SGD1.23 per share. This compares to a takeover offer price of SGD1.30 per share.

The French line now has a 1.18% stake in NOL according to Singapore Exchange disclosures.

In December last year NOL’s main shareholder Temasek Holdings agreed to sell its 66.84% stake at SGD1.30 per share, which assuming regulatory approvals are granted, will trigger a mandatory takeover offer at the same price for all remaining shares in the company.

However, the required regulatory approvals are not expected till mid-2016, with a general offer then taking a further 28 days after that. CMA CGM has said it will de-list NOL if it gains more than 90% shareholder approval.