Panalpina says that Ernst Göhner Foundation – its largest shareholder representing approximately 46 per cent of the total share capital – has informed the board of directors that it “does not support the current non-binding proposal from DSV”.
The Swiss freight forwarder added in a statement that the foundation supports Panalpina’s board in “pursuing an independent growth strategy that includes M&A”.
Panalpina said according to its fiduciary duties the board of Panalpina continues to carefully review the situation with its professional advisers. Further announcements will be made as appropriate.
Danish freight forwarder DSV made a $4.1 billion (£3.1 billion) takeover approach to Swiss rival Panalpina last month, which came after a failed bid last year by DSV for CEVA Logistics. Late last year, Switzerland’s Kuehne & Nagel also said it was ready to talk with Panalpina about a potential takeover.
In a statement, the board of directors said last month: “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.