CJ Korea Express, KKR & Co, and XPO Logistics have been selected to make final bids for APL Logistics, the logistics unit of Singapore’s Neptune Orient Lines (NOL). Six offers were received in the first round of bidding; NOL has asked for final offers by next month. In a report by Bloomberg, a person with knowledge of the matter said NOL could sell the entire business for more than US$1 billion. Bain Capital Partners and CVC Capital Partners have been chosen to … [Read more...] about CJ Korea, KKR, XPO in bid for APL Logistics
NOL
NOL reduces YTD core EBIT loss
Singapore-based NOL group has reported a net loss of US$23 million in the third quarter of 2014, and for the year to date a core EBIT shortfall of US$59 million, 31 per cent less than for the same period last year. The company stated that its cost management and efficiency drive delivered US$290 million of cost savings year-to-date. The cuts in expenditure were primarily achieved through a more efficient fleet and network optimisation. However, these savings were largely offset by lower rates, … [Read more...] about NOL reduces YTD core EBIT loss
