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08-11-2015, 10:13 PM
Jelek I seriously lao liao.... It has been 11 yrs since Temasek lifted its stake in NOL via a takeover at S$2.80 in 2004...
Even then I suspect Temasek remains deeply in the red...
September 29, 2004 1:53 pm
Temasek lifts NOL stake as takeover bid expires
By John Burton in Singapore
The Singapore state investment agency last month launched its largest ever takeover bid by offering $1.6bn for NOL, in which it already held a 30 per cent stake.
The agency has not revealed why it wanted to increase its control of NOL, but analysts have suggested it might be related to a move to acquire another shipping company or pave the way for a merger with PSA, the Temasek-owned Singapore port operator.
Although Temasek fell short of its goal of gaining full control of NOL, analysts believe that the agency will continue to mop up NOL shares in the open market as the share price falls below the bid price of S$2.80 a share. NOL closed at S$2.76 a share on Wednesday.
Investor interest in NOL is expected to wane as Temasek?s large stake has greatly reduced NOL?s free float.
Possible resistance to a Temasek takeover by outside investors has also weakened.
Paulson, a US fund, cut its stake in NOL to below 5 per cent this week after recently raising its stake to more than 9 per cent in an apparent effort to block Temasek.
Meanwhile, John Fredriksen, a Norwegian shipping tycoon, also has sold his entire stake in NOL after threatening to reject Temasek?s offer, industry officials have told the Financial Times.
Although NOL may pursue more acquisitions to expand its international operations, it is unlikely to buy another shipping company soon since share prices for the industry are high.
Full control would give Temasek access to NOL?s healthy cash flow, helping finance new acquisitions when the global shipping industry is consolidating.
Analysts believe that Temasek might also be seeking to use NOL to strengthen Singapore?s role as a regional transport hub by merging it with PSA.
Even then I suspect Temasek remains deeply in the red...
September 29, 2004 1:53 pm
Temasek lifts NOL stake as takeover bid expires
By John Burton in Singapore
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The Singapore state investment agency last month launched its largest ever takeover bid by offering $1.6bn for NOL, in which it already held a 30 per cent stake.
The agency has not revealed why it wanted to increase its control of NOL, but analysts have suggested it might be related to a move to acquire another shipping company or pave the way for a merger with PSA, the Temasek-owned Singapore port operator.
Although Temasek fell short of its goal of gaining full control of NOL, analysts believe that the agency will continue to mop up NOL shares in the open market as the share price falls below the bid price of S$2.80 a share. NOL closed at S$2.76 a share on Wednesday.
Investor interest in NOL is expected to wane as Temasek?s large stake has greatly reduced NOL?s free float.
Possible resistance to a Temasek takeover by outside investors has also weakened.
Paulson, a US fund, cut its stake in NOL to below 5 per cent this week after recently raising its stake to more than 9 per cent in an apparent effort to block Temasek.
Meanwhile, John Fredriksen, a Norwegian shipping tycoon, also has sold his entire stake in NOL after threatening to reject Temasek?s offer, industry officials have told the Financial Times.
Although NOL may pursue more acquisitions to expand its international operations, it is unlikely to buy another shipping company soon since share prices for the industry are high.
Full control would give Temasek access to NOL?s healthy cash flow, helping finance new acquisitions when the global shipping industry is consolidating.
Analysts believe that Temasek might also be seeking to use NOL to strengthen Singapore?s role as a regional transport hub by merging it with PSA.