Maersk's Svitzer Business to Be Demerged and Listed on May 1
By Dominic Chopping
A.P. Moeller-Maersk's Svitzer towage business will be demerged and begin trading as a separate listed business in Copenhagen on April 30, it said Friday.
Svitzer has a fleet of tug boats that help manoeuvre ships in and out of ports and terminals and also offers services such as line handling and personnel transfer among others.
Maersk outlined plans to demerge the business last month, with shares distributed to shareholders.
Holders of Maersk shares with a nominal value of 1,000 Danish kroner ($146) will receive 2 new shares in Svitzer, while holders of shares with a nominal value of DKK500 will receive 1 new Svitzer share.
The demerger is subject to approval at an extraordinary general meeting.
Write to Dominic Chopping at dominic.chopping@wsj.com
Corrections & Amplifications
This article was corrected at 0841 GMT to clarify that A.P. Moeller-Maersk's Svitzer towage business will be demerged and begin trading as a separate listed business in Copenhagen on April 30, not on May 1.
(END) Dow Jones Newswires
March 22, 2024 04:19 ET (08:19 GMT)
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