Maersk shares slump as it unveils fast track fundraising to build a war chest
DANISH shipping and energy group Maersk yesterday saw its shares tumble after it unveiled an accelerated share sale valued at 9.2bn krone (£1.1bn) to build a war chest for acquisitions.
Shares of the firm, which owns the world’s biggest shipper Maersk Line, shed over eight per cent yesterday, falling to 33.9 krone.
This came after the conglomerate said it would place up to 250,000 shares, equivalent to 5.7 per cent of its current share capital.
Sources close to the group said the shares will be taken up in full by investors, and that a mix of big institutional backers in the US, UK and Nordic region had registered interest.
News of the accelerated book-build, a way of offering shares in just one or two days, came as chief executive Nils Smedegaard Andersen said he was eyeing buyouts in a number of sectors.
Accelerated book-builds are often used when a firm wants to get hold of immediate capital to finance an acquisition it has already decided to make.
Andersen said: “What we want to invest in will be good opportunities in oil, either by buying into production partnerships or buying a field.”
He declined to comment on whether Maersk is planning to make a bid for troubled German shipping rival Hapag-Lloyd, currently owned by transport and tourism giant TUI.