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Singapore : NOL announce its Takeover Discussions.

With red ink all over the scene and huge container ships being placed in accelerating numbers, the container shipping industry seems like it's ready for some consolidation. It might be on its route.

Singapore-loctaed Neptune Orient Lines Limited (NOL) announced that it is in "preliminary discussions with CMA CGM SA and A.P. Moeller-Maersk A/S with respect to a potential acquisition of NOL."

Speculation that NOL, whose main operating entity is APL, has been looking for a suitor has been increasing since it declared a Q3 loss of $96 million, in comparison to an aggregate loss of $23 million in Q3 of 2014.

An announcement said, "NOL has a duty to assess all options to maximize shareholder value and improve its competitiveness."

"From time to time, NOL enters into discussions on possible combinations involving NOL, while remaining focused on returning its core liner business to sustainable growth and profitability."

It promised that "NOL will make an appropriate announcement in the event that there are any material developments" and consulted stakeholders capitalists to "exercise caution when dealing in shares in and other securities of NOL."

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Publication:Mena Report
Date:Nov 12, 2015
Words:198
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