EuropeFinance and Insurance

Maersk in $1bn share buyback plan

Maersk Group is pushing through with a share buyback programme worth up to $1bn. The Danish firm, which announced its second quarter results today, said the buyback was being done based on the fact that the group’s balance sheet remains firm.

Declining oil prices did hit some sectors of the group in the second quarter but nevertheless it was able to report what it described as a “satisfactory profit” of $1.1bn for the period. The group’s expectation of an underlying result of around $4bn remains unchanged.

Shares in the group leapt by as much as 8.6% this morning on the back of the solid set of results.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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