The Strategist

Moller-Maersk plans massive buyback

11/09/2021 - 10:23

Danish shipping company A.P. Møller-Maersk A/S (Maersk) has launched the first phase of a buy-back programme in which it will buy back shares worth up to 8 billion kroner (about $1.2 billion), the company said in a press release.

"As announced on 2 November 2021, the company will buy back up to DKK 8 billion worth of Class A and B shares under the first phase of the (buy back) programme, which started on 3 November 2021 and will end on 3 May 2022," the company said in a statement.

Earlier in May, Maersk announced that it intended to buy back a total of up to 32 billion kroner ($5 billion) in shares over two years.

Maersk, the world's largest container carrier, was founded in 1904 in Svennborg, Denmark. It operates in 130 countries and employs around 80,000 people.