Singapore’s NOL bids for Hapag-Lloyd
SINGAPORE, Sept 29 – Singapore’s Neptune Orient Lines said on Monday it has submitted a binding bid to acquire the Hapag-Lloyd container shipping business but declined to provide details of its bid.
It said it made the offer to Hapag-Lloyd’s owner TUI AG on Friday, the same day a group of Hamburg investors announced a binding offer for the German container shipping firm which is the world’s fifth largest by capacity.
In the past, analysts have valued Hapag-Lloyd at 4-5 billion euros but turmoil in markets, the global economic slowdown and difficulties in raising finance could result in lower bids.
NOL, like the Hamburg group, did not provide details of its bid citing ”strict confidentiality undertakings”.
NOL, a unit of Singapore state investor Temasek, aims to create the world’s third largest container shipper by merging Hapag-Lloyd with its APL unit, the number seven player.
The Hamburg group, which includes the head of Swiss logistics firm Kuehne & Nagel Klaus-Michael Kuehne, the city of Hamburg and HSH Nordbank, wants to keep Hapag-Lloyd independent and Hamburg-based.
SINGAPORE, Sept 29 – Singapore’s Neptune Orient Lines said on Monday it has submitted a binding bid to acquire the Hapag-Lloyd container shipping business but declined to provide details of its bid.
It said it made the offer to Hapag-Lloyd’s owner TUI AG on Friday, the same day a group of Hamburg investors announced a binding offer for the German container shipping firm which is the world’s fifth largest by capacity.
In the past, analysts have valued Hapag-Lloyd at 4-5 billion euros but turmoil in markets, the global economic slowdown and difficulties in raising finance could result in lower bids.
NOL, like the Hamburg group, did not provide details of its bid citing ”strict confidentiality undertakings”.
NOL, a unit of Singapore state investor Temasek, aims to create the world’s third largest container shipper by merging Hapag-Lloyd with its APL unit, the number seven player.
The Hamburg group, which includes the head of Swiss logistics firm Kuehne & Nagel Klaus-Michael Kuehne, the city of Hamburg and HSH Nordbank, wants to keep Hapag-Lloyd independent and Hamburg-based.
