NOL Acquisition Soon?
By Aiswarya Lakshmi
Tuesday, November 17, 2015
Neptune Orient Lines(NOL) confirmed that it is continuing in discussions with respect to a potential acquisition of the group as previously announced on Nov 7 on the local bourse, reports Business Times.
This comes after the Singapore Exchange Securities Trading Limited (SGX-ST) queried about NOL's trading activity on Tuesday.
On Nov. 7, NOL, which is 67% owned by Singaporean state-owned investment company Temasek Holdings, announced it was in "preliminary discussions" with the world's largest shipping company, A.P. Moeller-Maersk of Denmark, and No. 3 player CMA CGM, "with respect to a potential acquisition of NOL."
When asked about the report and subsequent stock-price jump, NOL said it "is not aware of any information not previously announced."
Temasek Holdings said the same day it has "nothing to add" to NOL's statement.
Earlier this month, NOL stated that it is in talks for a potential takeover by France’s CMA CGM, the world’s third-largest container shipping company, and Danish shipping conglomerate Maersk.
NOL, the largest shipping and transportation company listed on SGX, said it will make an appropriate announcement in the event that there are any material developments.