Maersk: Completion of the sale of Maersk LNG A/S
Thursday, 01 March 2012 | 11:00
On 12 October 2011 A.P. Møller - Mærsk A/S announced that it had entered into an agreement to sell its wholly owned subsidiary Maersk LNG A/S to Teekay LNG Operating LLC and Marubeni Corporation.
The agreement was subject to a.o. regulatory approval and consents from Maersk LNG's customers. These conditions have now been fulfilled. Accordingly, A.P. Møller - Mærsk A/S has today completed the sale of all the shares in Maersk LNG to Malt LNG Holdings ApS, a company jointly owned by Teekay LNG Operating LLC and Marubeni Corporation.
Further, under the terms of Maersk LNG's two partnerships with Société Generale and Qatar Shipping Company, each owning an LNG vessel, the sale of Maersk LNG triggered pre-emption rights to Maersk LNG's partnership shares. These pre-emption rights have been exercised by these two limited partners acquiring Maersk LNG's 26 percent ownership share in each of the limited partnerships on the same terms as offered by Teekay LNG Operating LLC and Marubeni Corporation.
The sale of Maersk LNG generates an accounting gain for the A.P. Moller - Maersk Group in the order of USD 80 million, including accumulated exchange rate differences previously recorded in equity.
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