CMA CGM, the third largest container shipping firm worldwide, has until Dec 7 to complete due diligence on NOL and negotiate definitive terms for the potential offer.
Industry watchers noted that the buyout of the $3.04 billion NOL, if successful, would take place against a backdrop where consolidation is "long overdue".
"They'd buy because they believe the long-term prospects for NOL are good, relative to its current valuation,"The acquisition would allow CMA CGM to "dominate the trans-Pacific lanes" with a 12 per cent market share - ahead of Maersk Line's 9 per cent.
The ART Position Trade captured the trend before the news released, the entry signal at18 SEP that allows you profit by 32.6% from the price $0.9 to $1.2 and the profit is still growing.
Furthermore, Smart Money Index shows the stock is flowed with banker fund that also represent a good strength of confidence level since september
Lastly, the mid term support level is at $1.04.
