File Photo: MartinLueke / Shutterstock.com
Maersk has announced plans to spin-off its towage business as the Danish shipping conglomerate continues its transition towards becoming an integrated logistics provider connecting land, sea, and air.
Maersk’s Board of Directors has approved a demerger plan for Svitzer A/S, and its subsidiaries. This decision will establish a new standalone entity, Svitzer Group A/S.
The spin-off will be tax-free under Danish law and Svitzer Group shares will be distributed to Maersk shareholders pro-rata. It is anticipated that these shares will be publicly traded and officially listed on Nasdaq Copenhagen A/S.
After evaluating various options for Svitzer, Maersk determined that listing Svitzer as an independent entity offers the most beneficial path for long-term value creation for its shareholders. Maersk said the move also provides shareholders with “the possibility to participate in the future growth of a global leader within towage with attractive development prospects.”
The decision is subject to approval by Maersk shareholders at an Extraordinary General Meeting (EGM) scheduled for late April. If approved, Svitzer Group shares are expected to commence trading on Nasdaq Copenhagen on April 30, 2024.
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