Maersk’s APMH makes $1.3B bid for Svitzer

Maersk’s primary shareholder has bid for $1.3 billion to acquire the tugboat operator Svitzer, The Wall Street Journal reported on Wednesday.

AP Moller Holding, which owns 41.51% of Maersk’s capital and currently owns 47% of Svitzer through its APMH Invest subsidiary, is offering to acquire the rest of the shares.

Svitzer operates a fleet of tugboats that assist in maneuvering ships in and out of ports and terminals. The company also provides additional services, such as line handling and personnel transfer. Last year, that company separated from the shipping giant AP Moller Maersk and was subsequently listed on Nasdaq Copenhagen. The current bid values Svitzer at approximately 9 billion kroner (around $1.3 billion).

Source: Breaking News

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