Maersk buys P&O Nedlloyd shares ahead of bid
A.P. Moller-Maersk is buying an 8.2 percent stake in Royal P&O Nedlloyd from fund manager Fidelity ahead of the formal takeover offer proceedings related to its conditional takeover of the Dutch shipping company.
The Danish buyer said it has entered into an agreement with Fidelity to purchase 3.3 million shares in Royal P&O Nedlloyd at a price equal to the offer price of 57 euros ($71) “minus a discount due to the fact that the purchase occurs prior to the expected completion of the offer provided.”
Completion of the formal takeover offer is subject to acceptance of at least 70 percent of P&O Nedlloyd shareholders agreeing to tender their shares.
The addition of the Fidelity stake to its existing 1.2 percent holding in Royal P&O Nedlloyd will raise A.P. Moller-Maersk’s stake in the target company to about 9.4 percent.
On Monday, A.P. Moller-Maersk formally launched a 2.3 billion euro ($2.8 billion) takeover bid for Royal P&O Nedlloyd.