[ NOL & APL Jointly Confirmed CFIUS Has Notified The Parties ]

Neptune Orient Lines LTd (NOL) and APL Limited (APL) recently jointly
confirmed that the Committee on Foreign Investment in the United State
s (CFIUS) has notified the Parties that, it has completed its review o
f the companies’ voluntary filing under provisions of the Exon-Florio
Amendment.
Timothy J. Rhein, President and CEO of APL, said “With CFIUS review c
ompleted, we are continuing to progress toward finalization of our mer
ger with NOL.”
Lua Cheng Eng, Deputy Chairman and CEO of NOL, added “We expect to cl
ose the merger in mid-November and look forward to the creation of a g
ruly global transportation company that will provide seamless and dive
rse transport related activities tl shipping customers in the United S
tates and around the world.”
CFIUS approval marks and important step forward to merger closure. The
merger remains subject to the U.S. Secretary of Transportation’s rev
iew of MarAd’s approval of the transfer by APL of its nine Maritime S
ecurity Program Operating Agreements to American Ship Management, LLC.
The transfer will be made immediately prior to NOL’s acquisition of
APL.
APL provides worldwide container transportation and logistics through
an integrated network combining high quality intermodal services with
state of th art information technology.
NOL, which in April announced its planned acquisition and merger with
APL, is a total global transportation company with diverse transport r
elated activities.
Shipping is its core business.
CFIUS, an interagency body coordinated by the U.S. Department of the T
reasury, conducts a 30-day review of filings. The Exon-Florio Amendmen
t relates to foreign investments that may affect national security.