ACQUISITION OF NORFOLKLINE COMPLETED
DFDS A/S - Company Announcement, 12 July 2010
• All conditions for the acquisition of Norfolkline from A. P. Møller - Mærsk fulfilled
• New Executive Management nominated
• DFDS - one strong brand in new, simplified brand architecture
• Integration process kicked off
DFDS completes acquisition of Norfolkline from A.P. Møller - Mærsk
DFDS A/S (”DFDS”) has today completed the acquisition of Norfolk Holdings B.V.
(”Norfolkline”) through the subsidiary DFDS Tor Line Holding AB (”DFDS AB”).
Completion of the transaction was conditional upon the completion of a pre-emptive rights issue for DFDS' existing shareholders (”Offering”) and a directed offering to A. P. Møller - Mærsk A/S at market price without pre-emptive rights for DFDS' existing shareholders (”Directed Offering”).
Earlier today DFDS completed the Offering see also announcement no. 22/2010 and the Directed Offering, see also announcement no. 23/2010. As all other terms and conditions for the completion of the transaction have been fulfilled or waived, the parties have today, 12 July 2010, completed the transaction.
DFDS - one strong brand
As part of the integration of DFDS and Norfolkline the brand architecture has been simplified. ”DFDS” will be the combined company's master brand. In addition comes two new brands for the divisions: ”DFDS Seaways” for Shipping Division and ”DFDS Logistics” for Logistics Division. All activities, including ships and transport equipment, will use these brands going forward.
Simplifying the brand architecture will strengthen DFDS' visibility and profile towards customers and other stakeholders as Northern Europe's leading sea-based transport network. The simplification also entails advantages concerning efficiency and costs.
Management and organization
As announced on 18 June2010 , see announcement no. 18/2010, DFDS' Executive Board remains unchanged with Niels Smedegaard as CEO, and Torben Carlsen as CFO. Going forward DFDS' Executive Management will include Peder Gellert Pedersen with responsibility for the Shipping Division, Eddie Green with responsibility for the Logistics Division and Henrik Holck with responsibility for the resource unit People and Ships. Peder Gellert Pedersen was previously responsible for DFDS' business area Ro-Ro Shipping. Eddie Green was previously responsible for Norfolkline's business area Logistics and Henrik Holck was previously DFDS' HR Director.
Integration process kicked off
As a consequence of the completion of the transaction the planned integration process has now been kicked off and as announced previously it is expected to be completed by the end of 2012. The main part of the integration plan is, however, expected to be completed by the end of 2011.
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