NEDLLOYD PAYS STOCKHOLDERS, MAY INVEST MORE IN P&O NEDLLOYD
The Royal Nedlloyd group, the 50-percent owner of P&O Nedlloyd
Container Line, said that it will distribute 140 million euro ($144 million) in surplus
capital to its shareholders, but is keeping a reserve of $150 million for potential
strategic investments in P&O Nedlloyd.
The cash-rich Dutch group, which recently sold most of its transport,
logistics and port activities, will pay shareholders euro6 (about $6) per share in
capital.
The distribution represents the proceeds from the sale of Nedlloyd’s European
transport and distribution arm and of its share in Rotterdam stevedore ECT, net of debt
repayment during the second half of 1999.
With the exception of euro45 million ($46 million) in non-recourse financing
owed by Nedlloyd’s subsidiary Mammoet, Nedlloyd is now debt-free, the company said.
Nedlloyd said that it is willing to "invest up to $150 million to fund a
possible next strategic step of P&O Nedlloyd," such as acquisitions. Except for
this potential investment, there will be no other new strategic investments within the
group, Nedlloyd said.