Paulson & Co. reduces stake in Neptune Orient Lines
The New York fund management firm Paulson & Co. Inc. has changed direction and sold a large chunk of its shareholding in Neptune Orient Lines (NOL) in the open market.
Paulson & Co. had raised its stake in NOL, as Singapore Government agency Temasek sought to acquire the Singapore-based shipping and logistics company.
NOL notified the Singapore stock exchange that Paulson & Co., considered a substantial shareholder, reduced its stake in the company from 9.04 percent before last Friday to 4.96 percent Monday. The price of the transaction was not disclosed, but NOL’s stock price is known to have been trading at about S$2.80 in the last few days. The divestment is estimated to have released about $100 million in funds used by the New York investor.
Paulson & Co., who unsuccessfully urged NOL to put itself up for auction because it believed Temasek's takeover bid was too low, now faces Temasek's secured majority control of NOL on Sept. 15.
NOL is the parent company of APL and APL Logistics.