Analysis: NOL/APL buy a big deal for CMA CGM, but a missed opportunity for Maersk?

© Khunaspix Dreamstime.

This month, Singapore container shipping line Neptune Orient Lines finally agreed to be acquired by France’s CMA CGM in a cash deal that values its equity at $2.4bn. Do not feel sorry for the other potential buyer, market leader Maersk, which has been left with limited options for its shipping line division – I believe it did well to bow out and avoid a bidding war.

I expected acquisition to value the enterprise (market cap plus net debt) at over $5bn.

For ...