DSV makes $4.1 billion bid for rival Panalpina

posted on 16th January 2019 by Justin Burns
DSV makes $4.1 billion bid for rival Panalpina

Danish freight forwarder DSV has made a $4.1 billion (£3.1 billion) takeover approach to Swiss rival Panalpina.

The move comes after a failed bid last year for CEVA Logistics.

In a statement, the board of directors said: “Panalpina announces that it has received an unsolicited, non-binding proposal from DSV to acquire the company at a price of CHF 170 per share, comprising a mix of cash and DSV shares.

“According to its fiduciary duties, the Board of Directors of Panalpina is reviewing the proposal in conjunction with its professional advisers.

“Further announcements will be made as appropriate.”

DSV is currently the world’s fifth largest freight forwarder behind the likes of DHL. A tie-up with Panalpina would help it to rival Germany’s DB Schenker as the number three in the market.

DSV chief executive officer, Jens Bjorn Andersen reportedly said it attracted by Panalpina’s large presence in air and sea transport. “We’ve been watching Panalpina for many years, and a tie-up will make us significantly bigger outside Europe,” he said.

Late last year, Switzerland’s Kuehne & Nagel said it was ready to talk with Panalpina about a potential takeover.