A.P. Moeller Shares Bounce Back
Danish A.P. Moeller shares rebounded on Friday after news of its purchase of Dutch tug and salvage company Wijsmuller Group Holding on Thursday, brokers said. The two A P Moeller stocks, D/S 1912 and D/S Svendborg, traded at 69,500 crowns ($7,898) and 91,500 crowns respectively, 2.2 percent and 1.7 percent up from Thursday's close. The Copenhagen bourse's top 20 index KFX was down 0.4 percent at 316.15. Moeller shares have underperformed the KFX index by more than three percent the past 10 days, dented by news that Morgan Stanley within a year would cut the conglomerate's weight in its Denmark index. "The shares are rebounding on the Dutch news and it seems foreign sale pressure in the shares has faded," a trader said.
A.P. Moeller's Salvage Unit Acquires Dutch Wijsmuller Group
Danish oil and shipping group A.P. Moeller's Svitzer tug and salvage unit said on Thursday it bought privately-owned Dutch Wijsmuller Group Holding for an undisclosed sum. Wijsmuller is one of the world's leading providers of harbor and terminal towage and salvage services, operating a fleet of over 150 vessels in 21 countries, with more than 1,000 employees. Moeller's Svitzer group currently operates 72 vessels and employs 620 staff providing tug and salvage services in Denmark and Sweden, bulk transportation (tug and barge) throughout northern Europe and safety standard vessels and survey vessels primarily in the North Sea. Svitzer would pay almost one billion Danish crowns ($113.6 million) for Wijsmuller, a sector source said.
