SINGAPORE (Dec 4): Shares of Neptune Orient Lines are trading near a three year high on hopes that French shipper CMA CGM SA is close to nearing a deal to buy the Singapore listed container shipper.

The Wall Street Journal, quoting sources, reported Thursday that CMA CGM is in talks with banks including BNP Paribas Group, HSBC Holdings Plc. and JP Morgan & Chase Co. to raise money to finance the acquisition of NOL in a deal valued at around US$5 billion ($7 billion).

CMA CGM, the world's third-largest container shipper by capacity had late last month entered into exclusive talks with NOL’s largest shareholder, Temasek Holdings, to buy its stake in NOL.

If CMA CGM succeeds in buying the 65% stake, it will eventually lead to an offer for all of NOL.

Stock is up 2.07% at $1.225, outperforming the Straits Times Index which is down 0.5%.