NOL to exit G6 after acquisition by CMA CGM gets go-ahead

CMA CGM’s acquisition of Neptune Orient Lines (NOL) has been approved by the European Commission – and will lead to the exit of NOL’s container shipping arm APL from the G6 shipping alliance.

“The proposed transaction was notified to the European Commission on March 8, 2016 and was cleared today following a Phase 1 review, under the conditions put forward by the company, namely NOL’s exit from the G6 shipping alliance,” said CMA CGM in a statement.

It added that both companies will continue to co-operate with the remaining authorities to close their reviews as quickly as possible. “The proposed voluntary general cash offer for NOL (Offer) will be launched when all the preconditions to the Offer as announced on 7 December 2015 have been satisfied or waived,” CMA CGM said in its written statement.

NOL is Southeast Asia’s largest container shipping company.