DFDS now controlled by a joint-ownership
SHIPPING: JL-Fondet and logistics company DSV have concluded a conditional agreement on joint ownership of a controlling interest of approx. 56% of the share capital and voting rights in DFDS, a listed shipowning company owned so far by JL-Fondet
DFDS will become jointly owned through Vesterhavet-DSV Holding A/S, a newly founded company of which JL-Fondet owns 55% and DSV owns 45%. Under the Shareholders' Agreement concluded today, the parties will have equal voting rights in the new holding company.
DSV will pay JL-Fondet 5.5 DSV shares for each DFDS share of which DSV will become the indirect owner. In connection with the exchange of shares, 11,083,724 new shares in DSV will be placed directly with JL-Fondet, corresponding to 5.51% of the nominal share capital of DSV.
"DFDS is a company having strong routes and talented employees. We look forward to assuming responsibility for taking DFDS even further so that we and the other shareholders will have a satisfactory return on our investment. At the same time I obviously welcome Vesterhavet A/S as a new shareholder of DSV. I look forward to collaborating in that respect as well", says Jens Bjørn Andersen, CEO of DSV.
DFDS will remain listed on the stock exchange, and no bid will be made in connection with the transaction as no change of control will occur according to the securities law.
Under the joint ownership, JL-Fondet and DSV will develop and increase the revenue and profitability of the Ro-Ro shipping services, the core area of DFDS, and continue the agreed streamlining in the other business areas.
According to the new joint-ownership, the transaction will strengthen the existing customer relations between DSV and DFDS concerning the use of the sea freight routes of DFDS for the road activities of DSV.
The parties want to support, to the extent possible, the opportunities of DFDS for taking part in the continued consolidation of its industry.
Together, DFDS and DSV will be able to develop and better utilise the RoRo network of DFDS, particularly in full and part loads, thereby increasing the freight volumes of both DFDS and DSV. That would shift large volumes from motorways to ships, which is a more expedient production method from an industrial and environmental perspective.
Source: DSV and DFDS
