Smedegaard downplays expectations for Virginia

Buying of Port of Virginia is not a "make or break" for APM Terminals, says A.P. Moeller-Maersk CEO Nils Smedegaard Andersen in relation to the Group's annual report, published today. APM Terminals' performance in 2012 failed to meet expectations. 

APM Terminals' efforts to acquire the Port of Virginia could end up in vain. Political discussions in the American state are currently focused on whether the port should be privatized at all. Should the acquistion fail, it will not be massive blow to APM Terminals, says Nils Smedegaard Andersen, CEO of A.P. Moeller-Maersk, on a conference call today in relation to the presentation of the Group's annual report for 2012.

"We want to enter Virginia, that's why we've made an offer. There no real political resistance toward us as such. The current debate, the way we see it, is more a debate about whether they want to privatize the port at all. If they do want to privatize it, several offers have been made, including the one from APM Terminals," he says, adding that there are other options for APM Terminals if Virginia does not work out:

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