Temasek Holdings and its affiliates, majority shareholders of Neptune Orient Lines, have tendered their shares and accepted CMA CGM’s offer to acquire the Singapore shipping line.

The transaction brings CMA CGM’s shareholding in NOL to 78.07%.

“We are supportive of this transaction as it presents NOL with an opportunity to join a leading player with an extensive global presence and solid operational track record, said Tan Chong Lee, joint head of the portfolio management group at Temasek. “The combination of NOL and CMA CGM will create a leading shipping company that delivers reliable and efficient service to its customers. Their complementary strengths will yield mutually beneficial results. We also note and welcome the commitment of CMA CGM to enhance Singapore’s position as a key maritime hub and grow Singapore’s container throughput volumes.”

A new board of directors has been appointed to reflect the change in control, consisting of Rodolphe Saadé as chairman, and Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang as members.

The deadline for the acceptance of CMA CGM’s offer has been extended from 17:30 Singapore time on July 4, 2016 to 17:30 Singapore time on July 18, 2016, according to CMA CGM.