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SINGAPORE: Singapore-based Neptune Orient Lines (NOL) has submitted a non-binding bid to acquire German container shipping firm, Hapag-Lloyd, ending months of speculation.
NOL did not give any financial details of its bid, but said the offer was in its early stages. It has urged shareholders to act with caution.
Earlier this month, NOL was reportedly raising up to US$7 billion, fuelling speculation about a bid for Hapag-Lloyd.
If the deal goes through, it would create the world's third biggest container shipping group, behind Denmark's AP Moller-Maersk and Mediterranean Shipping Company.
There was renewed speculation about a merger when NOL recently appointed Ronald Widdows as its new group president and CEO.
Mr Widdows was formerly head of NOL's container shipping business, APL, and has more than 37 years of experience in the shipping industry.
Any offer by NOL for Hapag-Lloyd is likely to face some competition.
On Monday, a German consortium - which includes the City of Hamburg - said it had submitted a bid for Hapag-Lloyd. Reports said the offer could be worth more than US$7 billion. The move is seen as a bid to keep Hapag-Lloyd in German hands.
- CNA/so
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