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NOL appears as front-runner in bid for Hapag-Lloyd
¡¡¡¡Singapore¡¯s container shipping line Neptune Orient Lines (NOL) is seeking USD5-7 billion in loans to land a winning bid for German carrier Hapag-Lloyd, according to banking sources.
¡¡¡¡The merger of the two companies could potentially create the world¡¯s third largest container shipping group.NOL has a market value of USD3.5 billion and several analysts have said any merger will require the financial support of its major shareholder, Singapore sovereign wealth fund Temasek Holdings.
¡¡¡¡¡°It should be seen positive for TUI that NOL is in talks to take up USD5-USD7 billion.¡±  NOL chief executive Thomas Held said back in April that his company was eyeing a merger with Hapag-Lloyd as a possible growth option. NOL is said to be in talks with Singapore¡¯s three local banks, as well as with foreign banks for the loan.
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