Maersk-CEO wanted to buy DONG Energy

Maersk-CEO wanted to buy DONG Energy
Nils Smedegaard Andersen, former CEO, A.P. Møller - Maersk

14-05-2018 10:00:00

Back in spring of 2016, Former CEO of A.P. Møller - Maersk, Nils Smedegaard Andersen, had plans of buying Dong Energy, which shortly after was listed at 100 mia. Danish kroner, writes Berlingske Business on the basis of several sources.

The plan was to buy the whole company, which now goes under the name Ørsted, and add A.P. Møller – Maersk’s windmill department, which could lead to the growth that the board of directors wanted. The deal would have been the largest aquisition in Denmark’s history, and the process got so far that the plans were presented to the board, five sources who were involved in the process have explained to Berlingske Business.

But the board – with the Maersk family in charge – said no to the rather ambitious plans.

The idea was that the windmill department was to develop into a brand new business segment, while DONG’s oil and gas departments were to fusion with Maersk Oil.

"It would have had a very strong strategic significance for Maersk, which would have become a completely different company than what it is today. It would have been really beneficial for the company if they had succeeded in the acquisition, "says Martin Jes Iversen, a senior lecturer in financial history at CBS, to Berlingske Business.

But as we are aware, this was not the case. Shortly after in June of 2016 Nils Smedegaard was dismissed as CEO and during late summer of the same year A.P. Møller presented the company’s new strategy of dividing the organization and sell their energy companies.

SOurce: Berlingske Business / Maritime Denmark

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