Wednesday, September 2, 2009

Maersk to sell more stock

Maersk has announced they will

...sell up to 250,340 treasury B shares, or about 5.7% of the total share capital, to new and existing institutional investors.

At Tuesday’s closing price of DKK36,900 per B share on NASDAQ OMX Copenhagen, the value of the share issue would be up to DKK9.2bn ($1.75bn).

They say this money could be used for acquisitions, but I certainly hope they set aside a good chunk of it to cover loses, because at the rate they are going

Last month AP Moller Maersk reported an interim loss of $540m and doesn’t expect things to be much better in the second half of the year.

It won't take long to go through a billion dollars.

click here for link to article from Tradewinds

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