Singapore: Neptune Orient Lines today confirmed that it has submitted an indicative non-binding bid to acquire TUI's container shipping subsidiary Hapag-Lloyd. In a statement, the company said, "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." The agreement would be subject to, among other steps, due diligence, acceptance of final bid, regulatory approvals and NOL shareholders' approvals.
The bid follows one made on Monday by a group of investors backed by the City of Hamburg in an effort to prevent it falling into foreign hands, according to the Financial Times.
Hapag-Lloyd's present owner, the Hannover-based tourism and shipping group Tui, has sought bids for the line as part of a strategic review of its position within the group. Monday was the deadline for preliminary bids. [22/7/08]
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