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NOL still looking to pursue Hapag-Lloyd purchase

NOL still looking to pursue Hapag-Lloyd purchase

Singapore: Neptune Orient Lines is said to still be keen to buy Hapag-Lloyd despite a breakdown in talks, writes the Wall Street Journal. NOL parent company Temasek Holdings began talks with Hapag Lloyd parent company TUI earlier this year, with both companies appoint advisors in February.

Quoting two people familiar with the situation, the paper states that the Singapore based company is still eager for the acquisition to go through and is willing to pay between $6-$7bn for the German container shipper.

A tie-up between the companies would stave off increasing competition in the market from players like China's Cosco Corp. and Evergreen Marine of Taiwan. A merger between NOL and Hapag-Lloyd is expected to create the world's third largest container shipping company.  [14/03/08]