Singapore: Neptune Orient Lines Limited has announced that it is no longer engaged in the bidding process for the sale of the Hapag-Lloyd container shipping business.
On 26 September NOL submitted a binding bid to acquire Hapag-Lloyd from its owner, TUI AG, but the company says the offer has now lapsed.
NOL Group President & CEO, Ron Widdows, said: "We submitted a bid that we believed fully valued Hapag-Lloyd and which addressed the challenging market conditions facing the container shipping industry. NOL will now put all its energy into managing through the current container shipping downcycle and providing our customers with the service they have come to expect of our organisation."
As previously reported, it is believed that NOL bid 3.5 billion euros ($5.02 billion) for Hapag-Lloyd, while the group of Hamburg investors offered just over 4 billion euros. TUI has yet to announce whether it will proceed with the sale. [11/10/08]
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