Newport News Takeover Far From Being Finalized
The U.S. Defense Department wants more data from rivals for the $2.1 billion takeover of Newport News Shipbuilding Inc. and may still be weeks or months away from recommending which offer if either to allow, a top Pentagon official said on Wednesday. General Dynamics Corp. and Northrop Grumman Corp. said last week that they had agreed with the departments of defense and justice to delay any effort to close their competing bids until at least August 20. Under U.S. anti-trust law, the Justice Department has 10 business days to reach a final decision on a proposed all-cash acquisition after the would-be acquirer turns over all merger-related information sought by regulators.
NOL Appoints Two Senior Managers
Neptune Orient Lines Ltd, (NOL) has hired two veteran officials at Sea-Land Service as senior executives in its container transportation arm, APL. Edward W. Aldridge, currently Senior Vice President for North America at Sea-Land will become President of APL's Americas Region. Daniel J. McHugh, currently Vice President of the Americas Division at Sea-Land, will become President of APL's Asia-Middle East Region. Tim Rhein, current President and CEO of APL Limited, will continue at the company in a broader capacity to be announced, according to Flemming R. Jacobs, President and Chief Executive Officer of NOL. Aldridge and McHugh round out the team of three senior regional executives at APL reporting to Jacobs.
