[261213.EN.SEA] Maersk’s New Ownership Structure Divert Public Donation Into Shipping

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.

Source : SN-TR, 23.12.13.