Maersk Sells Stake in Dansk Supermarked Group

MarineLink.com
Tuesday, January 07, 2014
Image: Dansk Supermarked Group

Following a 50 year partnership between A.P. Moller -Maersk and the Salling Group the two parties today agreed to hand over the majority stake in Dansk Supermarked Group (Dansk Supermarked A/S and F. Salling A/S) to the Salling Companies (F. Salling Invest A/S og F. Salling Holding A/S).

The Salling Companies acquire 48.68% of shares in Dansk Supermarked A/S and 18.72% of shares in F. Salling A/S. Five years after closing of the transaction the Salling Companies havea call option on the remaining 19% stake in Dansk Supermarked Group owned by A.PMoller –Maersk.A.P. Moller –Maersk has a put option for its remaining shares in Dansk Supermarked Group.

"We believe the time is right for A.P. Moller -Maersk to hand over ownership of Dansk Supermarked to the Salling Companies. Over the last two years Dansk Supermarked has undergone a rejuvenation and has a strong future ahead of it. A new management team is in place with plans to develop the business both here in Denmark and internationally,” said Nils S. Andersen, Group CEO, A.P. Moller -Maersk.

Jens Bjerg Sørensen, Board Member of the Salling Companies, has led negotiations on behalf of the Salling Companies.

"Our ambition for Dansk Supermarked is continued growth for the benefit of customers, employees and owners. The agreement mitigates any speculation regarding ownership and allows us to focus entirely on the business and our ambition to create a world-class Danish retail company," said Jens Bjerg Sørensen.

It has been part of the shareholders' agreement that if A.P.Moller -Maersk at any point should want to divest its majority stake this should be discussed with the Salling Companies.

"We have had an exclusive dialogue with the Salling Companies regarding the ownership. Our priority has been to secure the right long term ownership for the business which is why we retain an ownership stake of 19% for a five-year period. The
constructive process reflects the excellent cooperation we have had over the years," said Nils S. Andersen.

The Enterprise Value of Dansk Supermarked Group is DKK 41 billion (USD 7.5bn). The value is supported by an independent fairness opinion.

A.P. Moller -Maersk receives net proceeds of around DKK17 billion (USD 3.0bn) and an accounting gain of around DKK 14 billion (USD 2.5bn).

maersk.com
 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Ukraine Arrests Turkish Ship for Visiting Crimean Port

Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained.

USCG Flush Ice down River Systems to Facilitate Shipping

The Coast Guard cutter fleet is flushing ice through the Great Lakes river systems to prevent ice jams and facilitate commercial shipping as the shipping season

Finance

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

News

Is China Building a Naval Base in Africa?

Recently, The Namibian reported the existence of a "confidential letter from Namibia's ambassador to China, Ringo Abed, to Namibia's foreign minister stating that

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Mergers & Acquisitions

CSIC, CSSC Dismiss Shipbuilder Merger Rumors

China's state-backed shipbuilding giants said they have not received any merger-related information from authorities, after an executive swap between the firms sparked a market rally in their shares.

Swire Pacific Offshore Acquires 2 Newbuildings

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming of two new vessels, Pacific Centurion, an Anchor Handling Tug Supply (AHTS) vessel,

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2012 sec (5 req/sec)