Drewry pooh-poohs speculation about imminent NOL-APL sale
Time：2015-07-29
Browse：58
Citing a lack of suitable buyers, attractive assets, and no urgency to sell, Drewry found little to support the widespread speculation other than silly season ennui.
"There are several obstacles to a full sale of NOL: its parent company is not under pressure to sell and is unlikely to accept a low price, there are few willing buyers, and its fleet is not an attraction," Drewry declared.
"More likely, Temasek will remain as a substantial shareholder after either a direct stake sale or indirect stake sale through Lentor," said the publication from the London maritime research house.
It was widely reported last week that state-owned Temasek Holdings, which owns 65 per cent of NOL, was looking to sell off the APL box business for US$1.7 billion.
In response to press enquiries, Temasek said it "had a duty to consider its options to maximise shareholder value as part of its conduct of normal business" - which only fuelled more speculation.