World Economy

$2.4b Shipping Deal

$2.4b Shipping Deal$2.4b Shipping Deal

CMA CGM SA offered to buy Singapore’s Neptune Orient Lines Ltd. for S$3.38 billion ($2.4 billion), creating a container shipping line with stronger Asian and US routes that narrows the gap with market leader A.P. Moeller-Maersk A/S, Bloomberg reported.  The French company, the No. 3 container shipping company by capacity, will pay S$1.30 a share, 6.1% more than Neptune Orient’s closing price Friday, the two companies said in a statement Monday. Shareholders have approved the takeover, including Singapore state investment company Temasek Holdings Pte, which owns about 67% of Neptune Orient.