Reports: NOL seeking loan for possible Hapag-Lloyd bid

Neptune Orient Lines, the parent of container carrier APL, is reportedly in talks to arrange a loan of $5 billion to $7 billion to finance an acquisition of Hapag-Lloyd.

Both Reuters and the Bloomberg wire service report that Singapore's NOL is seeking to arrange a loan for a purchase of the German steamship line, which is being offered for sale by its parent company, the tourism company TUI AG.

Reuters said NOL is speaking with three Singapore banks -- DBS, Oversea-Chinese Banking Corp and United Overseas Bank -- as well as foreign banks about financing for a purchase.

Source: American Shipper