Neptune Orient Lines Limited (NOL) confirmed that it has submitted an indicative non-binding bid to acquire the Hapag-Lloyd container shipping business.

A completed transaction would result in the integration of NOL’s container shipping business APL with Hapag-Lloyd. The combination would create the world’s third-largest container carrier.

“It is at this stage premature to state whether the indicative non-binding bid will lead to a definitive transaction,” said NOL. Any agreement would be subject to, due diligence, acceptance of final bid, regulatory approvals and NOL shareholder approval.

Details of the proposal are confidential and commercially sensitive, said NOL and it was advising shareholders to exercise caution when dealing in the shares of NOL.

Earlier in July, NOL announced that, “by mutual agreement with the Board of Directors,” Dr. Thomas Held had stepped down from his position as Group President and CEO of the company. Replacing Held as Group President, CEO and on the board is Ronald Widdows.

Widdows had served as CEO of NOL’s container shipping business APL, a position he held since 2003.

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