NOL Bids to Buy Hapag-Lloyd

July 22, 2008

Neptune Orient Lines Limited (NOL) confirmed that it has submitted an indicative non-binding bid to acquire the Hapag-Lloyd container shipping business. A completed transaction would result in the integration of NOL’s container shipping business APL with Hapag-Lloyd. The combination would create the world’s third-largest container carrier. In its release, NOL said that it is at this stage premature to state whether the indicative non-binding bid will lead to a definitive transaction. Any agreement would be subject to, among other steps, due diligence, acceptance of final bid, regulatory approvals and NOL shareholders’ approvals. Details of the proposal are confidential and commercially sensitive.