Maersk gives terms for sale of Danske Bank stake
By: Reuters | Mar 19 2015 at 04:05 AM | Liner Shipping
Danish shipping and oil company A. P. Moller-Maersk on Thursday published the terms under which it will sell its 20 percent stake in Denmark’s largest bank Danske Bank, a sale announced in February.
It said the offer price would be determined using a volume-weighted average price of Danske Bank shares traded between March 20 and March 26.
Based on a pro forma offer price of 170 crowns per share, estimated gross proceeds are 34.38 billion Danish crowns ($4.94 billion), if all shares are sold, Maersk said.
Maersk said in February it would sell 15 percent to its controlling shareholder, the Moller family foundation, and 5 percent to other existing shareholders.