NOL Invited into Next Stage of Hapag-Lloyd Sale Process

Friday, August 08, 2008

Neptune Orient Lines Limited (NOL) has been invited to continue into the next phase of the bidding process for the sale of the Hapag-Lloyd container shipping business.

NOL submitted an indicative non-binding bid to acquire Hapag-Lloyd to the company’s owner TUI AG on 21 July 2008.

Any agreement would be subject to, among other steps, due diligence, submission and acceptance of NOL’s final bid, regulatory approvals and NOL shareholders’ approvals. If successful, NOL would integrate its APL container shipping business with Hapag-Lloyd, which would create the world’s third-largest container carrier. 

While the process is underway, NOL will be bound by strict confidentiality undertakings, which legally restrict the company’s ability to share information. NOL is committed to keeping stakeholders informed of important developments.

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