DFDS Gains After Dropping Scandlines Bid: Copenhagen Mover

DFDS A/S rose in Copenhagen trading after Denmark’s biggest ferry operator said it had dropped out of the bidding for competitor Scandlines.

DFDS rose as much as 3 percent and gained 0.9 percent to 341 kroner at 12:26 p.m. in the Danish capital. Trading volume was 90 percent of the three-month daily average. The advance beat a 1.9 percent decline in the Nasdaq OMX Copenhagen all-share index.

DFDS shares fell a combined 4.6 percent over the four days from May 3 when the company said it was bidding for Scandlines, which is owned by 3i Group Plc and Allianz Capital Partners GmbH. Copenhagen-based DFDS said today its bid for the Danish-German ferry operator had been rejected and that it doesn’t plan a new offer.

The owners may fetch as much as 1.4 billion euros ($1.8 billion) from a sale, people with knowledge of the matter said last month. Buyout firms Star Capital Partners Ltd. and TPG Capital also made bids, the people, who asked not to be identified because the talks are private, said then.