NOL confirms takeover talks still on after sharp share price spike

It has been issued 2 trading queries in 2 months.

Container shipping group Neptune Orient Lines said on Tuesday that it is still in talks with foreign shipping conglomerates about a potential acquisition of the company.

NOL said that the discussions are ongoing in a statement to the Singapore Exchange, after the market regulator issued a query on the unusual trading of NOL's shares.

The group's stock jumped by as much as 6.5% in early Tuesday trade, after closing at $1.065 on Monday.

Earlier this month, NOL stated that it is in talks for a potential takeover by France’s CMA CGM, the world’s third-largest container shipping company, and Danish shipping conglomerate Maersk.

NOL warned shareholders that there is no assurance that the discussion will result in a transaction, and advised investors to exercise caution when dealing in its shares.