Update: AP Moller Holdings acquires Svitzer in return to private ownership

AP Moller Holding (APMH) has acquired almost all of the issued shares in Danish tug owner Svitzer that it does not already own and is pursuing the final few.

The investment arm of APMH has acquired more than 90% of the share capital and the voting rights in Svitzer, and this will rise to 93.4% with other acceptances it has received.

APMH said the offer will be settled in cash by 20 May and it will initiate a compulsory acquisition of the shares held by the remaining minority shareholders of Svitzer, in accordance with Danish law, on 23 May. 

It will seek to have the shares removed from trading and official listing on the Nasdaq Copenhagen stock exchange prior to initiating the compulsory acquisition. The last day of trading is expected to be 22 May 2025. 

This acquisition was started in April 2025 after Svitzer had been independent from the AP Moller group for just 12 months, due to lack of value growth for shareholders.

“The listing has not created the desired platform for growth, which is essential for maintaining Svitzer’s market position in a competitive and fragmented industry undergoing consolidation,” said APMH in April.

6 May

AP Moller Holding (APMH) has extended the offer period for its recommended voluntary purchase of all of the issued shares in Svitzer that it does not already own to give the UK government more time.

It has been forced to extend this offer until 14 May 2025 to obtain the necessary approval and clearance from the UK’s Secretary of State, as required in accordance with the National Security and Investment Act 2021. 

APMH said this is the only pending regulatory approval and/or clearance from a competent authority required to satisfy the regulatory conditions for the offer. It has already received the required approval and clearance from the Swedish Inspectorate of Strategic Products in accordance with the Swedish Foreign Direct Investment Act (2023:560).

APMH also said its investment arm has received acceptances, which together with its current shareholding in Svitzer, represent around 90.7% of the share capital and voting rights.

"As a result of the preliminary acceptance received in the offer, and assuming this preliminary result is confirmed by the final result, the minimum acceptance condition has been satisfied," said APMH.

"Shareholders who have accepted the offer will continue to be bound by such acceptance through the extension of the offer period."

12 April

APMH Invest aims to retake Svitzer private as being listed on the Nasdaq Copenhagen stock exchange has not resulted in growth for investors.

APMH currently owns 47% of the share capital and voting rights of Svitzer, which it spun off in April 2024 in an initial public offering.

“The listing has not created the desired platform for growth, which is essential for maintaining Svitzer’s market position in a competitive and fragmented industry undergoing consolidation,” said APMH.

Over time, this may limit Svitzer’s ability to pursue opportunities in the market, in comparison with its main competitors in the harbour and terminal towage global sector.

“Since Svitzer was listed, the company has consistently delivered results above expectations,” said AP Moller Holding chief financial officer, Martin Larsen. “However, we have not seen this reflected in the valuation of the share, which means the listing has not offered a foundation from which Svitzer can grow.”