CMA CGM has launched its all-cash conditional general offer to acquire Neptune Orient Lines for S$1.30 (US$0.74) per share.

The offer applies to the 89.5% of NOL shares that CMA CGM does not currently own.

According to CMA CGM, the acquisition will give it a fleet of approximately 540 vessels with a total capacity of approximately 2.35 million TEUs. With a market share of approximately 11.%, the French shipping line will remain the third largest.

“In a particularly challenging international context in the shipping sector, our offer fully and fairly values NOL,” said Rodolphe Saadé, vice chairman of CMA CGM. “We believe this is an attractive offer for all shareholders, as it was for Temasek and its affiliates, which have committed to tender their 66.78% stake.”

Acceptance of the offer must be received by 17:00 Singapore time on July 4, 2016, according to CMA CGM.