News - 13 July 2010
DFDS completes Norfolkline acqusition
DFDS A/S has completed the acquisition of Norfolk Holdings B.V. through the subsidiary DFDS Tor Line Holding AB from A.P. Møller - Mærsk, in a $440m deal. The new company will have a pro forma turnover of €1.5bn, 6,000 employees and 63 ships.
On 17 December 2009 DFDS and DFDS AB entered into a conditional agreement to acquire Norfolkline from A. P. Møller - Mærsk A/S. Completion of the transaction was conditional upon the completion of a pre-emptive rights issue for DFDS' existing shareholders (”Offering”) and a directed offering to A. P. Møller - Mærsk A/S at market price without pre-emptive rights for DFDS' existing shareholders (”Directed Offering”). DFDS has completed the Offering and the Directed Offering. As all other terms and conditions for the completion of the transaction have been fulfilled or waived, the parties have completed the transaction. DFDS - one strong brand As part of the integration of DFDS and Norfolkline the brand architecture has been simplified. ”DFDS” will be the combined company's master brand. In addition come two new brands for the divisions: ”DFDS Seaways” for Shipping Division and ”DFDS Logistics” for Logistics Division. All activities, including ships and transport equipment, will use these brands going forward. Simplifying the brand architecture will strengthen DFDS' visibility and profile towards customers and other stakeholders as Northern Europe's leading sea-based transport network. The simplification also entails advantages concerning efficiency and costs. Management and organization As announced on 18 June 2010, DFDS' Executive Board remains unchanged with Niels Smedegaard as CEO, and Torben Carlsen as CFO. Going forward, DFDS' Executive Management will include Peder Gellert Pedersen with responsibility for the Shipping Division, Eddie Green with responsibility for the Logistics Division and Henrik Holck with responsibility for the resource unit, People and Ships. Peder Gellert Pedersen was previously responsible for DFDS' business area "Ro-Ro Shipping". Eddie Green was previously responsible for Norfolkline's business area "Logistics" and Henrik Holck was previously DFDS' HR Director. Integration process kicked off As a consequence of the completion of the transaction the planned integration process has now been kicked off and as announced previously it is expected to be completed by the end of 2012. The main part of the integration plan is, however, expected to be completed by the end of 2011.
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