The Chinese authorities have given clearance for CMA CGM’s takeover of Neptune Orient Lines (NOL).

CMA CGM said on Wednesday its takeover of NOL had been approved by the Anti-monopoly Bureau of the Chinese Ministry of Commerce (MOFCOM).

Following approvals from the European Commission and now China CMA CGM said it expects to announce its general offer for NOL by 7am on 2 June at the latest.

The French line yet to announce that it has received approvals from the US authorities for the takeover.

CMA CGM announced it was offering SGD1.30 per share in a $2.4bn takeover of NOL last December. However the launch of the takeover offer was pending the approval regulatory authorities.

Source: seatrade-maritime.com