A.P. Moller-Maersk said it is divesting its shares in a Danish supermarket chain, receiving net proceeds of $3 billion and an accounting gain of about $2.5 billion through the deal.
A majority stake in Dansk Supermarked Group (Dansk Supermarked A/S and F. Salling A/S) will be sold to the Salling Companies (F. Salling Invest A/S og F. Salling Holding A/S). The sale ends a 50-year partnership with the Salling Foundations.
It was the second divestiture this week announced by A.P. Moller-Maersk. Over the weekend, it announced it had reached agreement to sell its VLCC tanker fleet to Euronav.
A.P. Moller Maersk said its partner in Dansk Supermarked Group will acquire a 48.68-percent of share in Dansk Supermarked A/S and an 18.72-percent share in F. Salling A/S. Five years after the closing of the transaction, the Salling Companies have a call option on the A.P. Moller-Maersk's remaining 19 percent in Dansk Supermarked Group.
Nils Andersen, the group chief executive officer for A.P. Moller Maersk, said the timing of the sale was right and that a new management team has plans to expand the retailer in Denmark and internationally.
"We have had an exclusive dialogue with the Salling Companies regarding the ownership. Our priority has been to secure the right long-term ownership for the business, which is why we retain an ownership of 19 percent for a five-year period," said Andersen.