Maersk Line Is Born! Save us from DP World!
Following its 2.3 billion euros ($2.7 billion) acquisition of P&O Nedlloyd, A.P. Moller-Maersk Sunday formally commenced trading its enlarged container shipping business under the name Maersk Line.
The majority of P&O Nedlloyd vessels will be phased in during February 2006. The large majority of services will be in place by mid March, and by June 2006 the Maersk Line network will be fully implemented.
The takeover of P&O Nedlloyd cemented the Danish group's dominant position as the world's largest ocean carrier, boosting its containership fleet by slightly less than 500,000 TEUs to about 1.7 million TEUs, twice that of its nearest rival Mediterranean Shipping Co.
At the same time, the activities of P&O Nedlloyd Logistics were absorbed into the existing Maersk Logistics.
In 1999, Maersk acquired Sea-Land Service and decided to market the combined activities under a joint name, Maersk Sealand, to try to retain the former American shipping line's image and customers.
It should be noted that what APM did not acquire were the P&O terminal assets that are now creating the DP World firestorm here in the USA. Mr. Moller should have just plunked down the extra six billion and we wouldn't be worried about a "foreigned-owned" terminal operator right now. Makes you wonder if the old man saw this coming, decided to sit it our for a little bit, and then will swoop in at the 11th hour to "rescue" the deal...for say, maybe five billion?
Kinda fits, if you add those Danish cartoons to the mix...don't it?