Neptune Orient Denies Report of Hapag-Lloyd Stake Bid Plans

Updated on

Dec. 5 (Bloomberg) -- 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 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.

To contact the reporter on this story: Kyunghee Park in Singapore at kpark3@bloomberg.net

To contact the editor responsible for this story: Neil Denslow at ndenslow@bloomberg.net.