Moeller-Maersk raises €2.6bn from asset sales

8 Jan 2014

COPENHAGEN, DENMARK - Danish shipping and oil group A.P. Moeller-Maersk said it will sell its supermarket business for a profit of €1.9bn, the second deal in two days that will raise €2.6bn for the company.

Denmark's largest supermarket chain has been sold for €1.9bn by Moeller-Maersk. Image: Politiken

The first deal concerns the sale of supertanker ships.

The group said that the sale of its supermarket activities would yield a book profit of 14bn kroner (€1.9bn)

Under the deal, a business known as the Salling Companies will acquire 48.68% of Dansk Supermarked, and 18.72% of the shares in Maersk partner F. Salling.

The Salling Companies will also have an option to buy Maersk's remaining 19% stake in the supermarket business five years after the initial deal has been concluded.

"Over the past two years Dansk Supermarked has undergone a rejuvenation and has a strong future ahead of it," Maersk chief executive Nils Andersen said in a statement.

"A new management team is in place with plans to develop the business both here in Denmark and internationally," he added.

Dansk Supermarked, Denmark's biggest retailer, is the owner of discount supermarket chain Netto, which has expanded into Germany and Poland. It is also the franchise holder for Starbucks in Denmark.

On Sunday (5 January), Belgian shipping group Euronav said it would buy 15 very large crude carriers (VLCCs) from Maersk's Tankers unit for €720m.

"Last year, we disclosed our intention to reduce our exposure to the VLCC market and focus on the product segments," Maersk Tankers chief executive Morten Engelstoft said.

"Euronav has now presented us with a deal that supports this strategy," he added.

Source: AFP via I-Net Bridge

Source: I-Net Bridge

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