Friday, March 10, 2006

The Richest in Denmark - expansion of Maersk empire?

( Borsen calculation March 10)
















Forbes has just published its list of the richest people in the world. That is interesting reading, not only because of the chances to identify with these lucky people and dream oneself into their Armani suits, but to understand something about economic processes in the world.

The richest person in Denmark, Maersk McKinney Moeller of AP Moller Maersk moves from the 90th position to number 84. That is on the basis of a fortune of 6.5 bn. dollars. The equity of the A.P. Moller Group is much larger than that. The company is partly owned by a foundation, partly by individual share-owners and the A.P. Moeller family. Therefore it is a question of calculation methodology what the size of the fortune of Maersk is. The Danish business paper Borsen estimates that the Maersk fortune at about 20 bn $ is 3 times the Forbes estimate.

A.P. Moeller Maersk is mentioned in Associated Press today as a possible candidate for running the administration of 6 American ports given up by Dubai Ports after the strong resistance expressed by USA senators and representatives. Maersk is probably a more palatable candidate for the Americans. An editorial in Arab News today considers the American attitude anti-Arab and racist:

Yesterday's vote in a US House of Representatives committee blocking a Dubai company from running six major US ports was not about stopping foreign companies from running US ports. It was a specifically anti-Arab move. US politicians did not have a problem when British-owned P&O operated the ports. But now that an Arab company, Dubai Ports World, is buying out P&O, it is a different matter. It is glaringly, provocatively anti-Arab

It is double standards on the part of the Americans to prevent DP from getting the deal. If Maersk wants to get it on this background remains to be seen. Maersk is probably not an unlikely candidate. It operates APM Terminals in America already and it has a high standing among Americans. The Maersk Line has been sailing equipment to Iraq up to and during the occupation.

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