Temasek ups stake in Neptune

Tue, 14 Sep 2004 | Source: AP

SINGAPORE: The Singapore government's investment arm, Temasek Holdings, has upped its stake in Neptune Orient Lines, days before the close of Temasek's offer to take over the shipping line.

Temasek said it has increased its stake in NOL to 35.6 percent from 32.33 percent.

Temasek has offered S$2.80 per share for the rest of the stock. The offer for NOL, the world's seventh-largest shipping line, closes on Wednesday.

U.S.-based fund manager Paulson & Co. Inc. -- another shareholder in NOL -- has also been increasing its stake. -- AP

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