A.P. Moller-Maersk announced it was selling its majority stakes in two Danish retail chains under the Dansk Supermarked Group to Salling Companies t0 concentrate on its core businesses.
The Danish oil and shipping group will receive about US$3 billion from the sale.
In a statement, A.P. Moller-Maersk said it was handing over 48.7 percent of its shares in retailer giant Dansk Supermarked and 18.7 percent of its shares in department store chain F. Salling to the Salling group.
A.P. Moller-Maersk said it has the option to sell its remaining 19 percent stake in the retail chains after five years.
“We believe the time is right for A.P. Moller-Maersk to hand over ownership of Dansk Supermarked to the Salling Companies. Over the last two years Dansk Supermarked has undergone a rejuvenation and has a strong future ahead of it. A new management team is in place with plans to develop the business both here in Denmark and internationally,” said Nils Andersen, group CEO of A.P. Moller-Maersk.
“The agreement mitigates any speculation regarding ownership and allows us to focus entirely on the business and our ambition to create a world-class Danish retail company,” said Jens Bjerg Sørensen, board member of Salling Companies.
The sale is part of Maersk’s plans to concentrate on its core oil and shipping businesses that include Maersk Line, APM Terminals, Maersk Oil, Maersk Drilling, and Services & Other Shipping.