Demerger of Svitzer from Maersk confirmed
Last week, at an Extraordinary General Meeting in Copenhagen, shareholders in A.P. Møller - Mærsk A/S voted in favour of the proposal for a demerger of Svitzer from Maersk.
This confirms the separation of Svitzer to a new company that will be officially listed on Nasdaq Copenhagen.
As previously announced, the demerger will be completed by APMM injecting 100% of the shares of Svitzer A/S (Svitzer), including Svitzer’s subsidiaries as well as certain other assets and liabilities related to APMM’s towage and marine service activities, to a new company, Svitzer Group A/S (Svitzer Group), which will be established as part of the demerger.
Morten H. Engelstoft, Chairman of Svitzer’s Board of Directors, said: “With the demerger from APMM and separate listing of Svitzer, an era of 45 years under APMM’s ownership comes to an end. In this period, Svitzer has seen significant expansion and change, establishing itself as a global market leader that operates to the highest professional standards. Today is a landmark event in Svitzer’s 190 years’ history as the company returns to its former status as stand-alone company with the best possible outset for delivering value to customers, investors and other stakeholders.”
Svitzer CEO, Kasper Friis Nilaus, said: “The separation from APMM and separate listing of Svitzer on Nasdaq Copenhagen provides a solid platform for us to continue executing on our strategy and building our position in the market in the years to come. We are excited and fully ready to become a stand-alone, listed company, offering investors the opportunity to invest in a leading global towage and marine services provider with a strong, steadily performing underlying business and continued growth ambitions.”
Svitzer will continue to be headquartered in Copenhagen and operate under the same Svitzer name.
Svitzer has been part of the Maersk Group of companies for more than 40 years. In 1979, Maersk became a majority shareholder of Svitzer and acquired it shortly after.
Source; Exim News Service: Copenhagen, May 1