DFDS CREATES NORTHERN EUROPE’S LEADING SEA-BASED TRANSPORT NETWORK

DFDS acquires Norfolkline from A. P. Moller – Maersk for EUR 346 mil-lion in a cash and share deal. A.P. Moller – Maersk to become a major shareholder in DFDS with 31 % of shares.

DFDS’ and A. P. Moller – Maersk have entered into an agreement under which DFDS acquires Norfolkline for a consideration of EUR 346 mill. The acquisition creates Northern Europe’s leading sea-based transport network by combining two leading shipping com-panies. Combined pro forma revenues will be EUR 1.5 billion in 2009 and a combined workforce, of 6,200 employees.

A perfect match
”This is a perfect match,” says DFDS’ CEO Niels Smedegaard. “Nor-folkline is a leading ferry and logistics company with a strong route network covering the North Sea, the English Channel and the Irish Sea, combined with a considerable logistics operation. This means, that DFDS’ network in the Baltic Sea and the North Sea is expanded to include two new markets, the Channel and The Irish Sea. We both serve passengers and freight customers and can now provide transport solutions spanning the whole of Northern Europe – from Russia to Ireland.”

Network strategy
The driving force behind the acquisition is DFDS’ network strategy. “Through this acquisition we gain greater scale and come closer to our vision of building a European sea based transport network. The integration of our companies will generate considerable synergies and we expect this transaction to improve our ability to offer our customers more and improved services as well as improve our earn-ings level once a market recovery sets in. I am really looking for-ward to working with our future colleagues from Norfolkline to develop our services further towards our customers,” says Niels Smedegaard.

Consideration and ownership
The debt-free purchase price of EUR 346 mill. consists of a cash payment of EUR 170 mill. and shares in DFDS equalling 28,8 % of the share capital. Including an additional purchase of shares, A. P. Moller – Maersk’s ownership will equal approximately 31%.

“We are looking forward to becoming a major shareholder in DFDS and are convinced that the new company will create value for its owners,” says Søren Skou, Partner and member of the Executive Board of A. P. Moller – Maersk.

The transaction is subject to a number of conditions, including satisfactory approvals by relevant competition authorities.

A detailed company announcement was released earlier today. The company announcement and photos etc. are available on www.dfds.com

Further information: Niels Smedegaard, CEO, Tel: +45 33 42 34 00
or Gert Jakobsen +45 24 40 00 43.