Maersks new ownership structure diverts public donations into shipping

Author：admin|2013-12-25
  • MAERSK Line parent AP Moller-Maersk has
    changed its ownership structure so it can use dividends to expand shipping
    rather than having them donated to benefit the Nordic public, Reuters reports.


    By moving the 41.51 per cent shareholding and its 51.09 per cent of all
    AP Moller-Maersk voting rights into AP Moller Holding, it will be able to keep
    funds for shipping, said the report.

    The foundation that controls
    shipping giant is to transfer its stake in the business to a new holding company
    to boost the group's financial flexibility, said the report.

    AP Moller
    Foundation is controlled by the Maersk family, but is obliged to use all
    dividends - US$972 million in 2012 - it receives from the shipping group for
    donations.

    "With the establishment of the holding company the AP Moller
    Foundation wants to secure and strengthen its active ownership and provide
    financial flexibility and a financial buffer for the whole group," said
    foundation chairman Ane Maersk Mc-Kinney Uggla.

    Sydbank shipping analyst
    Jacob Pedersen told Reuters the move will provide better control of
    cashflow.

    Apart from its wide shipping interests, AP Moller-Maersk is
    also active in oil drilling, three supermarket chains with 1,200 outlets in
    Denmark, Sweden, Germany and Poland.

    AP Moller Foundation said the
    company will continue to support cooperation between Denmark and the other
    Nordic countries, promoting Danish shipping and industry and supporting science
    and good causes.
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