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Neptune Orient Lines will submit offer for Hapag-Lloyd next month

Neptune Orient Lines will submit offer for Hapag-Lloyd next month

Frankfurt: Temasek's Neptune Orient Lines (NOL) plans to submit in July an offer for TUI AG.'s shipping unit Hapag-Lloyd, Die Welt reported, citing unnamed sources.
Reuters relayed that the Singapore-based shipping giant is the only serious bidder for the unit, according to Die Welt.
Die Welt cited experts as saying a merger of NOL and Hapag-Lloyd could generate synergies of several hundred million euros, with the bulk of savings in the United States and in Asia, where both companies have strong business.
So far it is not clear which assets will be included in the sale, but the newspaper said Hapag-Lloyd may carry a high level of debt after buying back its container ships from parent company TUI.  [26/6/08]

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