As a result of the agreement announced in January 2009, the partners established the company Vesterhavet-DSV Holding A/S, which became the owner of 55.96 percent of DFDS shares. The DSV Group paid for the transaction with its own shares – Vesterhavet A/S and the JL-Fondet foundation, which controls the company, were to receive 5.51% of DSV’s nominal share capital. Changes in the ownership structure of DFDS were not related to plans to merge the shipowner into another entity, but were subject to approval by EU competition authorities.
Neelie Kroes, the Competition Commissioner, reported her concerns last week regarding the impact of the transaction on the access of sea freight forwarders to ro-ro transport, in which DFDS specializes. The European Commission therefore initiated the second phase of the investigation procedure. DSV and Vesterhavet, which had already provided proposals for solutions to protect against potential competition threats during the first phase of the proceedings, decided to withdraw the application. Entering the second phase of the proceedings would have meant a delay of approximately four months in closing the transaction. The DSV Supervisory Board also cancelled the earlier decision to increase capital for the purpose of purchasing DFDS shares.
– Support from DSV seemed a natural consequence of our cooperation with DFDS – comments Piotr Krawiecki, Managing Director of DSV Road. In his opinion, withdrawing from the transaction changes nothing. – We remain one of the main clients of this shipowner, especially in the Scandinavian markets. Business as usual.