Marine shipping company Neptune Orient Lines said Friday it has pulled out of bidding for German tourism company TUI AG's Hapag-Lloyd container shipping business.
Singapore-based NOL submitted a bid for Hamburg-based Hapag-Lloyd on Sept. 26, but said the bid has now lapsed. It did not give details of the offer.
"We submitted a bid that we believed fully valued Hapag-Lloyd and which addressed the challenging market conditions facing the container shipping industry," NOL's chief executive Ron Widdows said in a statement.
TUI said in March that it planned to split off Hapag-Lloyd, which has a fleet of about 130 container ships.
NOL's Widdows said his company "will now put all its energy into managing through the current container shipping downcycle and providing our customers with the service they have come to expect of our organization."
NOL's announcement came after shares of TUI closed down nearly 9 percent at €8.76 (US$11.74) on a broadly depressed Frankfurt market.
Singapore-based NOL submitted a bid for Hamburg-based Hapag-Lloyd on Sept. 26, but said the bid has now lapsed. It did not give details of the offer.
"We submitted a bid that we believed fully valued Hapag-Lloyd and which addressed the challenging market conditions facing the container shipping industry," NOL's chief executive Ron Widdows said in a statement.
TUI said in March that it planned to split off Hapag-Lloyd, which has a fleet of about 130 container ships.
NOL's Widdows said his company "will now put all its energy into managing through the current container shipping downcycle and providing our customers with the service they have come to expect of our organization."
NOL's announcement came after shares of TUI closed down nearly 9 percent at €8.76 (US$11.74) on a broadly depressed Frankfurt market.