Guardian.co.uk
7 Jul 2008
SINGAPORE, July 7 (Reuters) - Singapore shipping firm Neptune Orient Lines (NOL) changed its leadership on Monday, an unexpected move ahead of a possible $7 billion bid for Hapag Lloyd, the shipping arm of Germany's TUI.
NOL, 66-percent owned by Singapore sovereign wealth fund Temasek, said in a statement that its president and chief executive, Thomas Held, has resigned and will be replaced by Ronald Widdows, head of its container shipping unit APL.
The departure of Held, a German who could have been crucial in talks with TUI, came as a surprise to investors, but analysts said the leadership change is unlikely to derail NOL's planned bid for Hapag-Lloyd.
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