DSV and Panalpina have reached an agreement to join forces in a deal worth approximately CHF4.6 billion (USD4.6 billion).
Panalpina’s board of directors recommends that its shareholders accept the latest public exchange offer. The offer already has support from shareholders equivalent to 69.9 percent of the registered shares, including the Swiss freight forwarder’s largest shareholders Ernst Göhner Foundation and Cevian and Artisan.
DSV began its takeover bid in January 2019, as HLPFI reported here.
An integration committee comprising an equal number of Panalpina and DSV representatives will be established to oversee the integration process. Following completion, DSV will propose to its shareholders, at an extraordinary general meeting, to change its name to DSV Panalpina A/S.
Over the last three months, Panalpina also entered discussions with Kuwait-headquartered Agility regarding “potential strategic opportunities with regard to their respective logistics businesses”. Peter Ulber, chairman of the board of Panalpina, confirmed that “talks with Agility have been discontinued”.
“We are now looking forward to join forces with DSV and contribute to creating one of the world’s largest transport and logistics companies. Our customers will be able to benefit from a stronger network and service offering as well as new competencies and skills,” added Ulber.