Temasek closer to control of NOL
Singapore government agency Temasek has moved closer to gaining control of Neptune Orient Lines by raising its stake to 42 percent, Reuters reported.
While its takeover bid for the Singapore-based shipping and logistics group is due to expire Wednesday, Temasek has repeatedly increased its shareholding in the company by buying shares in the open market. On Sept. 10, it raised its stake in NOL to 35.82 percent, from 32.83 percent.
“As of last night, Temasek has over 42 percent of NOL and they need only 9 percent more to hit 51 percent, at which the offer becomes unconditional,” Reuters quoted a Singapore investment analyst as saying.
NOL’s stock rose 0.4 percent to $2.81 ($1.66) on the Singapore stock market today, with heavy trading volumes.
On Aug. 3, Temasek bid about S$2.8 billion ($1.6 billion) — or S$2.80 ($1.65) per share — to buy the NOL shares it did not already own. NOL is parent company of APL and APL Logistics.
