Kintetsu World Express Inc News

APL Logistics and K Line have announced that they have settled in a legal dispute, that sparked when employees from the logistics company spread bankruptcy rumours about the Japanese carrier."In September 2016, employees of APL Logistics Ltd.(APLL) sent erroneous e-mails to its customers which were not based on the facts regarding our financial situation. We thereafter filed a lawsuit at the Tokyo District Court in December 2016 demanding damages in relation to such e-mails," said a press release from K Line.It continued: "APL and its parent company, Kintetsu World Express, Inc., acknowledged the fact that the e-mails included an erroneous report…

Neptune Orient Lines Ltd (NOL)  has officially confirmed that it is a takeover target of two separate companies: French shipping company CMA CGM and Danish conglomerate AP Moeller-Maersk. As per a report in the Business Times, NOL said in an announcement on Saturday evening that it was in preliminary talks with the two "with respect to a potential acquisition of NOL". "There is no assurance that any such discussions will result in any definitive agreement or transaction, or that any offer for NOL will be made or as to the terms on which any such offer might be made," it said. The firm has been looking for a buyer for months. NOL, controlled by Singapore’s state investor Temasek Holdings, has been struggling in a prolonged downturn in the global shipping market.

Singapore state investment company Temasek Holdings has put up its struggling $1.7 billion shipping company for sale, the Wall Street Journal reported, citing people familiar with the matter. Neptune Orient Lines Ltd (NOL), 65 percent-owned by Temasek, announced in February the sale of its logistics business to Japanese freight carrier Kintetsu World Express Inc for $1.2 billion. NOL's move to sell its logistics business had renewed market speculation of a sale of the entire company. An NOL spokeswoman declined to comment, while Temasek Holdings was not immediately available after office hours. Reporting by Shubhankar Chakravorty and Anshuman Daga

Neptune Orient Lines sells APL Logistics to Kintetsu World Express   Neptune Orient Lines Limited (NOL) announced that it has completed the sale of its logistics business, APL Logistics Ltd (APLL), to Kintetsu World Express, Inc. (KWE) for an aggregate purchase price of $1.2 billion, subject to adjustments for the net cash and net working capital of APLL and its subsidiaries as at the completion date.   NOL said it will announce the final purchase price after such adjustments have been determined.

Japanese freight carrier Kintetsu World Express Inc is buying Singapore's APL Logistics for US$1.2 billion, paying a higher than anticipated price for an overseas deal at a time of slow domestic growth. Tokyo-headquartered Kintetsu Express said on Tuesday that it agreed to pay S$1.6 billion to buy all of APL's shares from its parent, Neptune Orient Lines (NOL). Its own capital and bank loans will be used to fund the deal, it said. The sale of APL Logistics to the Japanese company will enable NOL to concentrate on its core but troubled container-shipping business. The Singapore Company said the deal will “unlock the value of the logistics business for its shareholders and strengthen the financial position of the NOL Group”.

SINGAPORE, TOKYO, 17 February 2015 – Neptune Orient Lines Limited (“NOL”) and Kintetsu World Express, Inc. (“KWE”), jointly announced today that they have entered into a sale and purchase agreement for NOL’s logistics business, APL Logistics, for US$1.2 billion. “This is a strategic move that will allow us to focus on improving our liner shipping business, while at the same time enabling APL Logistics to grow. The transaction will also strengthen our balance sheet and unlock value for our shareholders,” said Ng Yat Chung, Group President and CEO of NOL. NOL said that the divestment of APL Logistics follows a robust and highly competitive process, and that the net proceeds of the sale will be applied to strengthen its financial position, including to repay its borrowings.

Deutsche Post expects its DHL forwarding business to be granted immunity from prosecution and fines by Singapore antitrust authorities, who are investigating 11 companies for alleged price fixing, the German logistics company said. The Competition Commission of Singapore (CCS) said this month it was investigating 11 freight forwarding companies, including Deutsche Post unit DHL Global Forwarding, for alleged price-fixing of air freight forwarding services. Deutsche Post told Reuters last week that the probe related to pricing and surcharges in the forwarding industry from 2002 to 2007. Forwarders buy cargo space from airlines, shippers and truckers and bundle shipments for customers, such as carmakers, high-tech firms and agriculture firms.