Neptune Orient Lines Limited (NOL) confirmed it has submitted a binding bid to acquire the Hapag-Lloyd container shipping business.

NOL submitted its bid to acquire Hapag-Lloyd to the company’s owner TUI AG on September 26, 2008.

Any agreement would be subject to the acceptance of the bid by TUI, regulatory approvals and shareholders’ approval.

NOL remains bound by strict confidentiality undertakings, which legally restrict the company’s ability to share information, and the details of the NOL bid remain confidential.

Further announcements will be made in the event of material developments in this matter.