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NOL says financing of Hapag bid no problem

Wed Aug 6, 2008 10:16pm EDT

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SINGAPORE, Aug 7 (Reuters) - Neptune Orient Lines, owner of the world's seventh-largest container shipping firm APL, said on Thursday its bid for German rival Hapag-Lloyd was an ongoing process and that financing the multi-billion dollar deal posed no problem.

"Our balance sheet remains strong, so financing an acquisition will not be an issue for us if we do enter a deal," NOL (NEPS.SI) Chief Financial Officer Cedric Foo told journalists and analysts at a results briefing.

"The process is still ongoing and we should not make any assumptions whether or not we will enter into a deal."

NOL, 66 percent-owned by Singapore sovereign fund Temasek [TEM.UL], last month submitted an indicative bid for Hapag-Lloyd, the shipping arm of Germany's TUI (TUIGn.DE), in a deal that would create the world's third-biggest container shipping group. (Reporting by Daryl Loo; Editing by Jan Dahinten)



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