Operation of G6 Alliance Unaffected by NOL’s Acquisition
- Business & Finance
The G6 Alliance assured earlier today that its current service structure will remain stable, unaffected by the potential acquisition of Singapore’s Neptune Orient Lines (NOL) by the French liner giant CMA CGM.
Namely, the Alliance, whose member is APL among other carriers, NOL’s container shipping arm, said it should operate as aligned through 2016.
CMA CGM announced a pre-conditional voluntary general cash offer for NOL on Monday at a price of SGD 1.30 per share, a total of S$3.4 billion (USD 2.43 billion).
The transaction is subject to approvals from antitrust authorities which are expected by mid-2016.
“Members of the G6 Alliance stay committed in offering reliable shipping services that meet the needs of customers. The G6 Alliance will make further announcements should there be any development,” the Alliance said.
The G6 Alliance members are: APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K. Lines, Nippon Yusen Kaisha and Orient Overseas Container Line.