NOL share price soars on acquisition rumours

The share price of Neptune Orient Lines leapt further this morning in early trading as rumours abounded of a possible leak in a deal to sell Singapore’s most famous name in shipping. By midday NOL’s share price stood at S$1.115, up 11.5% in just 24 hours.

Temasek Holdings, Singapore’s sovereign wealth fund, is keen to offload its majority stake in NOL, which runs containerline APL. Both Maersk and CMA CGM have been linked with taking over Southeast Asia’s top boxline.

The spike in trading this morning forced NOL to issue a release on the Singapore Exchange in which it acknowledged that “it is continuing in discussions with respect to a potential acquisition of NOL”.

NOL added: “There is no assurance that any such discussion will result in any definitive agreement or transaction, or that any offer for NOL will be made.”

NOL said it did not know why its shares were trading so heavily today.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button