Panalpina board rejects takeover bid from Denmark’s DSV
SWISS-based global freight forwarder Panalpina, a world leader in air logistics, has revealed that its largest shareholder representing approximately 46 per cent of its total share capital, has informed the company board of directors that it does not support a non-binding takeover proposal from Danish transport and logistics business DSV.
Instead, its major shareholder – the Ernst Göhner Foundation – supports the board in pursuing “an independent growth strategy” that includes M&As [mergers and acquisitions], confirms an official corporate statement, writes Thelma Etim.
The news comes after Panalpina announced last month that it had received an unsolicited offer from DSV to acquire the company at a price of CHF 170 per share, comprising a mix of cash and DSV shares.
In December Panalpina revealed that it had transported more than 1 million tonnes of air cargo last year. The company also admitted that its airfreight record had not been “quite as strong as in 2017” in terms of overall market growth.
DSV explained why it made the proposal in a media statement, published on its website on 16 January, 2019, which read: “A combination of DSV and Panalpina would create a leading global transport and logistics company with significant growth opportunities and potential for value creation,” the statement advised.
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