CJ Korea Express Sets Sights on APL Logistics

South Korean logistics firm CJ Korea Express said in a regulatory filing yesterday that it was considering acquisition of APL Logistics, owned by Singapore-based Neptune Orient Lines (NOL).

Aside to potential acquisition, CJ Korea Express said it was also considering forming a strategic alliance with  APL Logistic.

Container line NOL announced the potential sale of its logistics arm in August.

The decision was announced as NOL struggles with straight annual loss for the fourt year in a row.

The sale, which might include the form of Initial Public offering (IPO), is said to be scheduled to start by the end this month with the price expected to reach USD 1 bn.