Home » Breaking News, Maritime » NOL says Hapag-Lloyd purchase not true

Singapore container shipping giant Neptune Orient Lines (NOL) has shot down reports that it was seeking to acquire shares in Hapag-Lloyd.

The denial was issued after reports came out that NOL was in negotiations with its shipping competitor for a stake in the German-based box line.

“NOL wishes to state that currently, it is not making another bid for a stake in Hapag-Lloyd,” the ocean carrier said in a stock market filing.

Earlier, there were various reports that NOL had entered into talks anew with Hapag-Lloyd about another attempt at a buyout. In 2008, NOL tried to purchase a stake in Hapag-Lloyd, but the deal did not push through when the two parties failed to agree on the sale price.

Hapag-Lloyd is operated by a group of investors from Hamburg, and TUI, a tourism company that wants to sell its share in the carrier to concentrate on its core business.

Photo by Alan Miles

 

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