CMA CGM has announced its firm intention to make a voluntary conditional general offer for Neptune Orient Lines, at a price of S$1.30 (US$0.95) in cash per NOL share.

The proposed acquisition was approved by the European Commission in April, and by the Chinese Ministry of Commerce in May 2016.

CMA CGM made a pre-conditional offer to acquire the Singapore-based shipping line in December 2015.

After the acquisition, CMA CGM will continue to be the third-largest ocean carrier by market share, after Maersk Line and Mediterranean Shipping Company.