Sealand and P&O Nedlloyd Names will Soon Disappear
Danish shipping giant M?rsk A/S has completed its acquisition of Royal P&O Nedlloyd today. It says: "All conditions to the offer have been fulfilled and payment for the tendered shares will be made today."
The announcement also made clear that the brand of P&O Nedlloyd, as well as the Sealand name, will disappear next year as the fully merged carrier will begin to operate as "Maersk Line."
Maersk says Philip Green, CEO of Royal P&O Nedlloyd, and David Robbie, CFO of Royal P&O Nedlloyd CFO, will step down. However, Green will continue to work through the integration period.
Eric Sisco, Managing Director of Maersk Espa?a S.A. and Area Manager of Maersk's Iberia and Morocco Area, will assume the position of CEO of Royal P&O Nedlloyd N.V.
The statement said that P&O Nedlloyd has given final notice of withdrawal to specified consortia and conferences. P&O Nedlloyd and Maersk Sealand will continue to operate as separate shipping lines until October 2005. Maersk says: "This is to offer customers stability of network and services throughout the coming peak season, to keep services and network intact throughout this year, and to honor P&O Nedlloyd's commitments to various conferences and consortia."