NEDLLOYD PAYS STOCKHOLDERS, MAY INVEST MORE IN P&O NEDLLOYD

   The Royal Nedlloyd group, the 50-percent owner of P&O Nedlloyd Container Line, said that it will distribute 140 million euro ($144 million) in surplus capital to its shareholders, but is keeping a reserve of $150 million for potential strategic investments in P&O Nedlloyd.
   The cash-rich Dutch group, which recently sold most of its transport, logistics and port activities, will pay shareholders euro6 (about $6) per share in capital.
   The distribution represents the proceeds from the sale of Nedlloyd’s European transport and distribution arm and of its share in Rotterdam stevedore ECT, net of debt repayment during the second half of 1999.
   With the exception of euro45 million ($46 million) in non-recourse financing owed by Nedlloyd’s subsidiary Mammoet, Nedlloyd is now debt-free, the company said.
   Nedlloyd said that it is willing to "invest up to $150 million to fund a possible next strategic step of P&O Nedlloyd," such as acquisitions. Except for this potential investment, there will be no other new strategic investments within the group, Nedlloyd said.