MOL: No container spin-off
A spokesman for Mitsui O.S.K. Lines said remarks from a senior executive about its container business were misinterpreted.
A Reuters report last week quoted a senior MOL executive talking about the benefits of a liner spin-off and relative benefits of a consolidation with Japanese and foreign liner companies. The story was later revised, and the talk appears to have been theoretical.
H. Onuki, general manager of the MOL public relations office in Tokyo, told American Shipper in a letter Monday that during the interview the MOL officer 'completely denied the spinning-off of its container shipping division at the beginning of his answer. He also mentioned that if financial results of the container division were improved by its spinning-off, MOL would have done so long time ago.'
Onuki added: 'During his referring to M&A procedure generally, regardless of MOL’s case, he said that an independent subsidiary company would act with more mobile and flexible strength, than one sector in a bigger parent company. This part seems to have been misinterpreted.'
MOL: No container spin-off
