Thursday, December 17, 2009

Moller-Maersk To Sell Norfolkline to DFDS

Takes Major Stake in Danish company in Return
Shipping News Feature

DENMARK / UK / IRELAND – Shipping giant Moller-Maersk has announced that it is to sell its shares in ferry and logistics operator Norfolkline to Danish freight company DFDS

The DFDS Group will pay Maersk approximately 346 million euros in treasury shares and Maersk will now hold around 31% of DFDS’ shares, which give the company the right to nominate one member to the Board of Directors of DFDS.

Maersk has further stated that it will use this right to nominate Søren Skou, Partner and member of the Executive Board of A. P. Møller – Mærsk to represent their interests at DFDS. The DFDS Group and the Norfolkline Group are estimated to have revenues for 2009 of around 1.5 billion euros.

In a statement Maersk said that: “The sale of Norfolk Holdings B.V. is expected to be completed in the second quarter of 2010 and is not expected to have a significant impact on the results of A.P. Moller-Maersk A/S.”

The management of DFDS are extremely happy with the deal. ”This is a perfect match,” said DFDS' CEO Niels Smedegaard.

“Norfolkline is a leading ferry and logistics company with a strong route network covering the North Sea, the Channel and the Irish Sea, combined with a considerable logistics operation. This means that DFDS' network is expanded to include two new markets, the Channel and the Irish Sea, we can combine our operations on the North Sea, and our ability to secure volumes for the network is greatly strengthened.

“We both serve passengers and freight customers and can now provide transport solutions spanning the whole of Northern Europe – from Russia to Ireland.”

 (For those interested in Ferry and Ro/Ro services, see here)