Maersk readying DryShips bid?

Speculation has swept across New York trading floors that AP Moller-Maersk is eyeing up a takeover of George Economou’s DryShips.

George Economou.

Talk of the bid, linked primarily to the Greek owner’s drilling unit, did wonders for its share price on the Nasdaq.

DryShips gained 7.60% to close at $6.09 per share last night, valuing DryShips at $430m.

A spokesperson for AP Moller-Maersk in Copenhagen refuses to comment on the speculation as a matter of policy.

A leading analyst contacted by TradeWinds says he is not sure if there is anything behind the rumours, But, he says, they may not be as crazy as they may first appear.

He explains DryShips’ drilling division accounts for around two thirds of the company.

If Maersk feels it can secure contracts and financing for the Greek outfit’s four drillship newbuildings it will get its hands on the assets cheaper than it might elsewhere, the analyst says.

He added: “You may think Maersk would be buying 14 capesizes but two thirds of the value [of DryShips] is drillships. If Maersk don’t want the bulkers it could sell them.”

The key question is whether Economou is a willing seller. The analyst said: “He is not stretched and I don’t think he would sell below $9 per share.”

Urs Dur, an analyst for Lazard Capital Markets, told the Wall Street Journal: “To me, it doesn’t look like anything more than market chatter.

“Maersk is a very large company with a very conservative in long-term approach to things.”

Still, you can never rule out anything, he adds

AP Moller posted a full-year loss of $1.02bn last week following a reversal of over $2bn at its container line.

Nils Andersen, CEO of the Danish group, told investors a return to profitability is the main focus for 2010.

“We will look out for distressed assets but we are not in the market for acquisitions,” he said.

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