CMA CGM is slowly building up its stake in Singapore’s Neptune Orient Lines (NOL) ahead of a deal to acquire Temasek Holding’s 66.84% shareholding next year.

Market reports indicate that the French liner company has been buying NOL shares in the open market at a discount to the SGD 1.30 ($0.92) it agreed to pay the Singaporean sovereign wealth fund two weeks ago.

CMA CGM has been paying between SGD 1.22 and SGD 1.24 per share and has now acquired approximately 0.77%