JUST 12 MONTHS after it was spun off to become a separate publicly-listed company, Svitzer is being taken private by A.P. Møller Holding.
In Copenhagen last night [2 April] APMH, THE LARGEST HOLDER OF Svitzer A/S shares at c.47%, announced, through its wholly owned subsidiary APMH Invest A/S, a recommended voluntary purchase offer for all issued shares in Svitzer with the aim of taking the company private “to better support its long-term ambitions”.
Svitzer was listed on Nasdaq Copenhagen in April 2024. APMH said it does not believe that the listing has resulted in the expected investor interest: “The listing has thus not created the desired platform for growth, which is essential for maintaining Svitzer’s market position in a competitive and fragmented industry undergoing consolidation.
“Over time, this may limit Svitzer’s ability to pursue opportunities in the market,”” APMH said.
“Since Svitzer was listed, the company has consistently delivered results above expectations,” Martin Larsen, APMH CFO said. “However, we have not seen this reflected in the valuation of the share, which means that the listing has not offered a foundation from which Svitzer can grow.
“We therefore believe that Svitzer is better supported through private ownership and that, with the financial support of A.P. Moller Holding, the company will be better positioned to strengthen its market position and capitalize on the opportunities in the market,”.
APMH has secured support for the offer from shareholders which together with APMH’s existing shareholding represents 61% of Svitzer’s share capital. APMH is offering DKK 285 per share for all issued shares, representing a premium of 42.5% compared to the opening price on the first trading day, a premium of 31.7% compared to the closing price on 1 April 2025, and a premium of 31.3% compared to the three-month volume-weighted average price.
The independent members of Svitzer’s Board of Directors unanimously recommend shareholders in Svitzer to accept the offer.
Svitzer will continue to operate independently with its current leadership and strategy, maintaining its name and brand that has defined the company for more than 190 years.
Leave a Reply