Tuesday, January 7, 2014

Maersk Sale May Mean More Concentration on Container and Tanker Shipping

$3 Billion Cash Boost from Non Maritime Asset Disposal
Shipping News Feature

DENMARK – Whilst A.P. Møller-Mærsk has continued to increase container shipping capacity with the introduction of the Triple E series of giant box carrying vessels and its own container manufacturing facilities, the group has been busy over the past few years increasing its stake in various other maritime related products with investment in energy research, recovery, offshore supply and of course tankers.

Now however its seems one of the more significant investments which the company has had an interest in for a considerable time has proved a little too diverse with the news that Maersk is to dispose of its share of the Dansk Supermarked Group which consists of Dansk Supermarked A/S and F. Salling A/S, to the Salling Companies. Dansk Supermarked was owned in a partnership formed fifty years ago by A.P. Møller-Mærsk and F. Salling Gruppen, and has a yearly turnover of 56 billion DKK.

The supermarket group operates over 1,200 stores in four countries under the føtex, Bilka, Netto, and Salling chains, as well as the web-shop Bilka.dk and employs 41,000 staff throughout Denmark, Sweden, Germany and Poland. Nils S Andersen, Group CEO of A.P. Møller-Mærsk, commented:

“We believe the time is right for A.P. Møller-Mærsk to hand over ownership of Dansk Supermarked to the Sailing 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.”

The Salling companies will acquire 48.7% of the shares in Dansk Supermarked A/S and 18.7% of the shares in F. Salling A/S. Five years after the transaction closes, the Salling companies have a call option on the remaining 19% in each of the companies owned by A.P. Møller-Mærsk which has a put option for its remaining shares in each of the companies. The deal means A.P. Møller-Mærsk should receive proceeds of around 17 billion DKK ($3 billion) and an ‘accounting gain’ of around 14 billion DKK ($2.5 billion).