Denmark: Maersk Announces Sale Completion of Maersk LNG

Maersk of Denmark said it has completed the sale of its wholly owned subsidiary Maersk LNG to Teekay LNG and Marubeni Corporation.

“The agreement was subject to a 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,” Maersk said in a statement.

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 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,” Maersk added.

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World Maritime News Staff, February 29, 2012; Image: Maersk