Bloomberg.com, 30 Sep 2008, Chen Shiyin
Sept. 30 (Bloomberg) -- Neptune Orient Lines Ltd., Southeast Asia's largest shipping company, plunged the most in more than a year in Singapore trading on concerns about slowing global trade and a bid to buy TUI AG's Hapag-Lloyd AG container- shipping unit.
The company declined as much as 10 percent to S$1.67, the biggest intraday drop since Aug. 16, 2007, and was at S$1.80 at 10:51 a.m. Yesterday, the Singapore-based shipping line dropped 6.1 percent after announcing that it made an offer to buy Hapag- Lloyd. It didn't disclose the value of the bid.
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