NOL

NOL: has resumed talks about buying German rival Hapag-Lloyd, German paper Die Welt reported on Saturday without identifying its sources.
NOL had broken off acquisition talks in 2008 after failing to agree on a price for Hapag-Lloyd, which is owned by a consortium of Hamburg-based investors and tourism group TUI. TUI is looking to exit its 38% stake to focus solely on its tourism business.
Die Welt said NOL was in contact with TUI mgt, with more talks planned for Jan and a concrete offer expected early next year.

Asked about the report, a TUI spokesman confirmed its intention to divest its Hapag stake but said he would not comment on market rumours. NOL says it doesn’t comment on market speculation.

The Hamburg investors have a right of first refusal to buy TUI's stake. If no such deal emerged by Sept. 30, 2012, TUI could sell its stake to a third party along with enough shares from the Hamburg investors to give the outsider a majority stake.