AP Moller – Maersk has sold its stake in French oil and gas company Total for EUR884m ($1bn).
Maersk said that its subsidiary Maersk Oil Trading and Investment had sold its 17,272,593 shares in Total to institutional investors for gross sale proceeds of EUR884m, equating to EUR51.18 per share.
AP Moller – Maersk became a shareholder in Total when it sold Maersk Oil for $7.45bn to the French oil company in March 2018. As part of the deal Maersk received a 3.75% stake in Total.
The Danish shipping company sold off Maersk Oil as it restructuring to focus on container transport and logistics. Maersk has also sold Maersk Tankers to AP Moller Holding for $1.17bn, and is de-merging Maersk Drilling into a separate listed company, and is still searching for a long term solution for offshore vessel owning arm Maersk Supply Services.
Read more: Maersk Drilling to be demerged from AP Moller - Maersk, listed on Nasdaq Copenhagen