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Saturday October 11, 12:03 AMNOL says drops out of race to buy TUI's Hapag-LloydFRANKFURT, Oct 10 (Reuters) - Singapore's Neptune Orient Lines (NOL) dropped out of the race to acquire German TUI AG's container shipping unit, Hapag-Lloyd, NOL said in a statement on Friday."NOL will now put all its energy into managing through the current container shipping down cycle and providing our customers with the service they have come to expect of our organisation," NOL Chief Executive Ron Widdows said. This means that a group of Hamburg-based investors led by Klaus-Michael Kuehne, head of Swiss logistics company Kuehne & Nagel , and M.M. Warburg partner Christian Olearius is the only remaining bidder for Hapag-Lloyd. Earlier on Friday, a TUI shareholder said that the German tourism and shipping group's supervisory board would discuss a possible sale of Hapag-Lloyd at a meeting at the weekend. (Reporting by Eva Kuehnen) |
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