The freight forwarder acquisition and consolidation race is hotting up with and forwarder Panalpina has revealed it is in discussions with the Agility Group.
The Swiss-based forwarder said its board of directors are talking to the Kuwaiti-based logistics group “on potential strategic opportunities with regard to their respective logistics businesses”.
However, the discussions between the two companies Panalpina said are at a preliminary stage.
Panalpina itself is the subject of a $4.1 billion (£3.1 billion) takeover bid by Danish freight forwarder DSV which made the last month, which came after a failed bid last year by DSV for CEVA Logistics.
The forwarder said on this: “According to its fiduciary duties, the Board of Directors of Panalpina continues to review the approach by DSV in conjunction with its professional advisers.
“Further announcements will be made as appropriate.”
Late last year, Switzerland’s Kuehne & Nagel also said it was ready to talk with Panalpina about a potential takeover.