CMA CGM has passed the 90% ownership threshold of Neptune Orient Lines (NOL) and now plans to delist the company from the Singapore Exchange (SGX).

The French line, which launched its SGD1.30 per share takeover offer for NOL on 6 June, said it now owns 90.68% of the shares in the Singapore-listed shipping line.

This means that the means that NOL has now fallen below the required 10% minimum public float for trading on SGX. CMA CGM said it now plans to de-list NOL from the exchange.

It also said would exercise the right to compulsory acquire all shares in NOL it does not own if it acquires more than 91.05% of the company, and would make an announcement accordingly.