Neptune Orient Lines Denies Report of Plans to Bid for Hapag-Lloyd Stake
Neptune Orient Lines Ltd., the Singapore-based container line, denied reports that it planned to bid for a stake in German shipping company Hapag-Lloyd AG.
“NOL wishes to state that currently, it is not making another bid for a stake in Hapag-Lloyd,” it said in a stock exchange statement today. “NOL evaluates investment opportunities from time to time and will make the necessary announcements when appropriate.”
Die Welt reported Dec. 3 that Neptune Orient had held discussions with TUI AG (TUI1) on buying the Hanover, Germany-based tourism company’s 38 percent stake in Hapag-Lloyd. TUI has previously said it plans to offload the holdings to focus on its holiday businesses.
NOL rose 2.8 percent to S$1.12 in Singapore trading today. The benchmark Straits Times Index declined 0.3 percent.
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