A.P. Moeller-Maersk Towage Spin-off Notes

February 8, 2024 Update

On February 8, 2024, AP Moeller announced that it intends to spin off its towage and marine services business (business is called Svitzer).
AP Moeller has been focusing on simplifying its business. This spin-off is inline with that trend.
The spin-off is expected to be approved at the annual meeting on April 26, 2024.
Trading is expected to begin on April 30, 2024 on Nasdaq Copenhagen.
The distribution ratio is a little confusing.
- It will be proposed that the APMM shareholders will receive one share in Svitzer Group per nominal APMM DKK 500 share and two shares in Svitzer Group per nominal APMM DKK 1,000 share.
- A.P. Møller Holding A/S, which holds around 41.5% of the total share capital in APMM, has agreed to a 360-days lockup of its expected shareholding in Svitzer Group, subject to certain customary exemptions.
Will be tax exempt for Danish shareholders.
The spin-off looks like a pretty good business.
Apparently, its grown by 5% per year since 2019. And has good margins:

Questions:

What is the difference between A.P. Møller – Mærsk A/S (APMM) and A.P. Møller Holding A/S. Apparently is demerging Svitzer, but AP Moller Holdings A/S owns 41.5% of Svizter and has agreed not to sell for 360 days. So what entity is spinning out Svitzer? If I own 100 shares of MAERSKB, how many shares of Svitzer will I receive?
Are there any other public comps for towage and marine services businesses?
What will the dividend policy be for the new company?
Apparently the company has been for sale recently, but there apparently were no satisfactory bidders. Why didn’t anyone want to buy it for an attractive price?