Having spent just one year as an independent company, Svitzer is about to return to being an entity of the AP Moller-Maersk Group as its listing in Denmark has not created shareholder value
AP Moller Holding (APMH) has announced a recommended voluntary purchase offer for all of the issued shares in Svitzer that it does not already own.APMH Invest aims to retake Svitzer private as being listed on the Nasdaq Copenhagen stock exchange has not resulted in growth for investors.
APMH currently owns 47% of the share capital and voting rights of Svitzer, which it spun off in April 2024 in an initial public offering.
“The listing has not created the desired platform for growth, which is essential for maintaining Svitzer’s market position in a competitive and fragmented industry undergoing consolidation,” said APMH.
Over time, this may limit Svitzer’s ability to pursue opportunities in the market, in comparison with its main competitors in the harbour and terminal towage global sector.
“Since Svitzer was listed, the company has consistently delivered results above expectations,” said AP Moller Holding chief financial officer, Martin Larsen.“However, we have not seen this reflected in the valuation of the share, which means the listing has not offered a foundation from which Svitzer can grow.”
