A.P. Moeller Dips On News

Thursday, June 07, 2001
A.P. Moeller fell around four percent on Thursday as news of a production halt and talk of higher tax continued to scare away investors, brokers said. Furthermore, share prices were still under pressure after Morgan Stanley's announcement in May that Moeller`s weighting would be reduced in its coming Morgan Stanley Denmark index. An ongoing debate about the possibility of higher tax was hurting shares. The Danish government is considering raising taxes on North Sea oil production. In addition, the company halted 40 percent of its North Sea due to a gas explosion in late May. Last week it said full production would not resume for several months. - (Reuters)

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