May 11, 2005
Maersk to make $2.9 billion offer for P&O Nedlloyd
A mega container shipping line is in creation. A.P. Moller-Maersk A/S and the management of Royal P&O Nedlloyd NV have agreed the terms for a conditional public offer for the entire ordinary share capital in Royal P&O Nedlloyd NV.
A.P. Moller-Maersk A/S expects to submit the offer in June 2005.
The intended offer will be EUR 57 per share after payment of dividend of EUR 1 per share to the shareholders of Royal P&O Nedlloyd NV on May 13, 2005.
The price of EUR 57 per share corresponds to a purchase price for the entire share capital of approx. EUR 2.3 billion (about US $2.9 billion). The Board of Directors of Royal P&O Nedlloyd NV recommends the intended offer.
The offer is dependent on acceptance by holders of at least 70 percent of the share capital of Royal P&O Nedlloyd NV and on approval by the competition authorities.
The offer price represents a 40.6 percent premium on P&O Nedlloyd's pro forma ex-dividend closing share price of May 9, 2005 the date prior to the confirmation that the parties were in discussions
You can download the details here: http://www.maersk.com/pdf/uk/ponl_uk.pdf