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Finance

Posted By Global Banking and Finance Review

Posted on January 16, 2025

Novo Nordisk, other companies to meet Danish prime minister following Trump's Greenland threat

COPENHAGEN (Reuters) -The CEO of obesity drug manufacturer Novo Nordisk and heads of other Danish companies were expected to discuss preparations for a possible trade conflict with the United States over Greenland with Denmark's Prime Minister Mette Frederiksen on Thursday.

Frederiksen summoned business leaders after speaking on Wednesday with U.S. President-elect Donald Trump, who last week refused to rule out military or economic action to take control of Greenland, which is strategically important to Washington.

The Danish leader told a press conference Trump had not retracted his threats of economic coercion during the phone conversation.

"We don't want to have any kind of conflict with the Americans in the trade area, but of course we are working with the companies, with the business organizations and with our European colleagues," she said.

Trump has said it was an "absolute necessity" for the United States to take control of the vast Arctic island, a semi-autonomous territory of Denmark, and suggested he would impose tariffs on Denmark if it resists his offer to buy it.

Frederiksen told Trump in their 45-minute phone conversation on Wednesday that it was up to Greenland to decide its future and that Denmark is willing to do more to strengthen security in the Arctic.

She also emphasized that Danish companies contribute to growth and jobs in the United States and that the EU and the U.S. have a common interest in increased trade.

The CEO of Danish obesity and diabetes drugmaker Novo Nordisk, Lars Fruergaard Jorgensen, will participate in the meeting, the company said on Thursday.

In the first nine months of 2024, Novo's U.S. sales totalled 115 billion Danish crowns ($15.86 billion), of which obesity drug Wegovy accounted for 31.1 billion.

Alexander Lacik, CEO of jewellery maker Pandora and Niels Christiansen, the CEO of toymaker Lego will also participate, the two companies said, respectively. Carlsberg said that its CEO, Jacob Aarup-Andersen, would also join.

The CEOs of wind turbine maker Vestas and Orsted, the world's biggest offshore wind farm developer, were also attending, the two companies said.

Shipping group Maersk said its executives would not participate as they were travelling.

"It's important that we have a good and constructive dialogue with the Danish business community. In a time of geopolitical tensions, we must seek dialogue and cooperation," Minister for Trade and Industry Morten Bodskov said in a statement.

The ministry declined to give any detail on the time for the meeting or who was invited.

Following Frederiksen's conversation with Trump, foreign minister Lars Lokke Rasmussen also called members of the foreign policy committee to a meeting on Thursday.

($1 = 7.2515 Danish crowns)

(Reporting by Isabelle Yr Carlsson, Louise Breusch Rasmussen and Jacob Gronholt-Pedersen; editing by Philippa Fletcher)

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