In International Shipping News 07/11/2016
A.P. Moller-Maersk A/S still hasn’t hired any bankers to help the owner of the world’s biggest shipping company navigate an historic split of its conglomerate structure, according to Chief Executive Officer Soren Skou.
Management intends to rely on internal resources to find the best way to divide its operations into energy and transport units, with parts of the group potentially being singled out for separate listings or mergers. Nothing has changed since Maersk first revealed it was considering a new structure in June, Skou said in an interview on Wednesday.
“Over the next two years, we will find structural solutions to separate the four energy units from the group,” he said.
Maersk said in September it will continue as a transport company led by its Maersk Line unit. The oil and oil related businesses will “either individually or in combination” be separated from the group, Maersk said at the time.
Skou said he couldn’t discuss any talks that have taken place since then. The CEO also declined to comment on speculation that Maersk held preliminary talks with Dong Energy A/S to merge the two companies’ oil assets.
Maersk Line on Wednesday reported a third-quarter net operating loss after tax of $116 million compared with a profit by the same measure of $264 million a year earlier. Plunging freight rates outweighed a decline in unit costs.
In a separate statement late on Tuesday, Maersk said it hired JPMorgan and Nordea to help exit what was left of its Danske Bank A/S stake as the company tries to focus on its core business.
Source: Bloomberg
