Maersk to sell shares, eyes investments

Maersk to sell shares, eyes investments    A.P. Moller – Maersk is planning a large stock sale to give it “financial flexibility” and “to provide additional flexibility to pursue strategic opportunities.”
   The world’s largest container carrier said Wednesday it plans to sell up to 250,340 treasury B shares, representing about 5.7 percent of the Danish company's total share capital, to new and existing institutional investors.
   The company said that at Tuesday’s closing price of 36,900 Danish Kroner per B share, the value of the shares would be up to 9.2 billion. Danish kroner ($1.75 billion).
   “Through the sale of our treasury shares, we will strengthen our financial flexibility and increase our readiness to take advantage of possible, attractive investment opportunities which may arise as a consequence of the economic crisis', said Nils S. Andersen, chief executive officer of A.P. Moller – Maersk.

Andersen

   The company said global financial markets may continue to be affected in the long term by the economic crisis, in the form of limited access to bank loans, which has been the company's main source of capital.
   “Almost all our current committed investments are funded, but the world economy and the loan markets are unusual. Proceeds from the treasury sale will in itself reduce the company's loan requirements and at the same time increase the company's attractiveness as a potential future bond issuer,' Andersen said.
   The company said it would decide the number of shares and price at the close of the book-building process, which it said it being done through an accelerated process.