Danish international shipping company A.P. Moller-Maersk Group said yesterday that it will sell most of its stake in Denmark’s largest retailer for about $3 billion.
Maersk said it would sell a 48.7% stake in Dansk Supermarked to the Salling companies, its longtime partner in the retailer, and has the option to sell its remaining 19% stake in the company over the next five years.
The sale comes as Maersk has moved in recent years to what it considers its core business lines: shipping, port operations, oil drilling and exploration. Maersk is looking to invest between $3 billion to $5 billion annually in Maersk Oil through 2020. Dansk Supermarked is the largest operator of retail stores in Denmark under a variety of brands, including Netto and Salling.
"The main reason for [this step is] it is obviously not core business for the company to own a retailer," Maersk Chief Executive Officer Nils Smedegaard Andersen said in a conference call Tuesday morning, reported on by the Wall Street Journal. He said the sale is "not part of any financing scheme" and that the company does "not have any acquisition plans."
"Over the last two years Dansk Supermarked has undergone a rejuvenation and has a strong future ahead of it," Andersen said.
In 2012, the last full year for which figures are available, Dansk Supermarked recorded sales of DKK55.61 billion.
Maersk will also sell its 18.7% stake in one of the Salling companies, F. Salling Holding, as part of the deal.
