Maersk plans to sell the remaining stake in Denmark's Danske Bank as the shipping conglomerate undergoes a restructuring aimed at improving its focus.
The Soren Skou-led company will sell 16.2 million shares, accounting for a 1.6% stake, of Danske Bank. At Tuesday's closing price, the stake is worth approximately DKK 3.3bn ($495m).
The price per share will be determined through an accelerated bookbuilding process to institutional investors. The book building period commences at the end of 1 November, and may close at any time on short notice. JP Morgan and Nordea are acting as joint bookrunners in connection with the divestment.
Maersk already sold off the bulk of its Danske Bank stake back in March 2015, with the sale of 202 million shares. That sale netted Maersk shareholders a special dividend of $1.1bn this April.
