Sovereign Funds Look to Sell Movies and Assets
UPDATE: On July 19, Neptune Orient Lines made a statement that it has not made any decision on a potential sale of the company, nor entered into any agreement regarding a sale.
With sovereign funds spending tens of billions every quarter directly on companies, real estate and other assets, there comes times when these asset owners desire to sell. According to various sources, Singapore’s Temasek Holdings has put up its US$ 1.7 billion container shipping company, Neptune Orient Lines Ltd., up for sale. Temasek has a 65% stake in Neptune Orient Lines, the other 35% of ownership trades on the Singapore Stock Exchange. Neptune Orient Lines Ltd.’s market capitalization is approximately S$ 2.3 billion (US$ 1.7 billion). Founded in 1968, Neptune Orient Lines was Singapore’s national shipping line. At one point there were merger talks between either Hong Kong’s Orient Overseas (International) Ltd. or Hamburg-based Hapag-Lloyd AG. Industry consolidation is being prompted by overcapacity in global shipping. In 2014, Hapag-Lloyd merged with Chile’s Compañía Sud Americana de Vapores SA (CSAV), creating the world’s fourth biggest container shipper.
Miramax Up For Sale
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