NOL’s stock recovers after acquisition rumor
Neptune Orient Lines' stock price recovered early today on the Singapore stock exchange after the shipping group denied talk that it was planning acquisitions, Reuters reported.
Reuters said Neptune Orient Lines’ stock increased 1.44 percent to S$2.12 after falling as much as 7 percent on Thursday “on market talk it was planning to make an acquisition.”
In a statement, a spokesman for Neptune Orient Lines, the parent company of APL and APL Logistics, said: “If there were any major transaction or agreement entered into, we would make an announcement as appropriate. This is not the case at this time.”