Today’s news / Maersk cleared to spin off Svitzer

Maersk cleared to spin off Svitzer

A.P. Møller-Maersk has received shareholder approval to spin off its towage company, Svitzer, into an independent stock corporation, opening the way for its stock market listing. The listing on Nasdaq Copenhagen is expected to occur next Tuesday. Svitzer, the world’s largest towage company, employs 4,000 people and operates 456 ships across 37 countries and 141 ports, with annual revenue of 5.8 billion Danish kroner. After being part of Maersk for over 40 years, the nearly 200-year-old Svitzer is being separated as Maersk shifts focus to integrated logistics. With the listing, each A or B share in Maersk will yield two shares in Svitzer.