Denmark’s DSV on the hunt for mergers and acquisitions
DANISH transport and logistics business DSV’s thirst for mergers and acquisitions (M&A) continues despite the initial rejection of its US$4billion-plus takeover bid for control of Swiss-based global freight forwarder Panalpina, writes Thelma Etim.
Jens Bjørn Andersen, chief executive of DSV, says the company remains “on track” to meet its 2020 financial targets. “In line with our strategy, we are actively pursuing M&A opportunities and we believe that the right transactions can create value for all stakeholders,” he reveals.
The logistics firm has not given up on acquiring Panalpina though, according to a Reuters report. Andersen told the news agency: “We are fully focused on going through with this transaction now. If we had considered the case closed, we should have issued a stock exchange announcement, and we haven’t.”
The Ernst Göhner Foundation, Panalpina’s largest shareholder representing approximately 46 per cent of its total share capital, has told the company’s board of directors that it does not support the unsolicited, non-binding takeover proposal from DSV.
According to the Reuters report, the Danish logistics firm remains focused on taking control of Panalpina, despite the rejection of its US$4 billion-plus bid this week, says DSV’s chief executive. “We are focusing all our efforts on this case that we are in the middle of right now,” Andersen told Reuters after the company announced its in-line fourth quarter 2018 results.
“We are fully focused on going through with this transaction now,” he said, declining to give any details about possible further negotiations with Panalpina or its shareholders.
The snub by Panalpina’s top shareholder – the Ernst Göhner Foundation – could mean that Andersen will need to raise his cash-and-shares bid to convince important investors to back the proposal.
“If we considered the case [to be] closed, then we should have issued a stock exchange announcement, and we haven’t,” Andersen replied when asked if there were on-going negotiationsRead more stories here