AP Moller Holding Launches Voluntary Purchase Offer for Svitzer Shares

AP Moller Holding says Svitzer listing on Nasdaq has not generated enough interest from investors. Image Credit: Svitzer

AP Moller Holding, the largest shareholder in Svitzer Group, has announced a recommended voluntary purchase offer for all issued shares in Svitzer.

The move aims to take the company private, ensuring better support for its long-term ambitions, Svitzer said in a statement on its website on Wednesday.

Svitzer, a global leader in towage and marine services, was listed on Nasdaq Copenhagen in April 2024.

However, AP Moller Holding stated that the listing has not generated the expected investor interest. It argues that the public market has failed to create the desired platform for Svitzer's growth in an increasingly competitive and consolidating industry.

"Since Svitzer was listed, the company has consistently delivered results above expectations," Martin Larsen, CFO of AP Moller Holding, 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."

AP Moller Holding owns 47% of Svitzer and has secured support from other shareholders, raising total backing to 61%.

The company is offering DKK 285 per share, reflecting a premium of 42.5% over the opening price on the first trading day, 31.7% above the closing price on 1 April 2025, and 31.3% higher than the three-month volume-weighted average price.

The offer is subject to customary conditions, including AP Moller Holding achieving ownership of at least 90% of total shares.

If this threshold is met, the holding company will initiate a compulsory acquisition of the remaining shares and delist Svitzer from Nasdaq Copenhagen.

"We see it as our role, through active ownership, to create the best conditions and structures for our portfolio companies to develop positively," Larsen added.