July 22, 2008
NOL makes bid for Hapag-Lloyd container business
Singapore' s Neptune Orient Lines Limited (NOL) has submitted what it calls "an indicative non-binding bid" to acquire the Hapag-Lloyd container shipping business. A completed transaction would result in the integration of NOL's container shipping business APL with Hapag-Lloyd. The combination would create the world's third-largest container carrier.
NOL says "it is at this stage premature to state whether the indicative non-binding bid will lead to a definitive transaction. Any agreement would be subject to, among other steps, due diligence, acceptance of final bid, regulatory approvals and NOL shareholders' approvals. Details of the proposal are confidential and commercially sensitive. NOL shareholders are in the meantime advised to exercise caution when dealing in the shares of NOL."