Business, Forwarding, Freight News, Logistics

DSV all set to take over Panalpina

[ April 1, 2019   //   ]

DSV has reached an agreement on the terms and conditions for an all share voluntary public tender offer for all publicly held shares of Panalpina.

If the offer is successful, the combined company will become one of the world’s largest transport and logistics companies with a pro forma revenue of about DKK 118 billion and a workforce of more than 60,000 employees operating in 90 countries.

Following completion, DSV will also changing its name to DSV Panalpina A/S, which reflects the long, rich history of both companies, it says.

DSV chairman Kurt Larsen, said: “A combination of DSV and Panalpina further strengthens our position as a leading global freight forwarding company. Together, we can present a strong global network and enhanced service offering to our clients, further solidifying our competitive edge in the industry. It’s a great match on all parameters. Panalpina is a great company and we’re very excited by the possibility to join forces and to welcome Panalpina’s talented staff”.

Panalpina chairman Peter Ulber, added: “In the course of the past weeks, Panalpina’s board of directors and management have been exploring different strategic initiatives and held discussions with DSV about a potential combination. The board of directors’ assessment is that the updated proposal of DSV is very attractive. We are now looking forward to joining forces with DSV and contributing to creating, one of the world’s largest transport and logistics companies.”

In February, Panalpina held talks abouta possible merger with Kuwait’s Agility after its major shareholder Ernst Goehner Foundation rebuffed an earlier $4 billion offer for the company by DSV.

In a statement, DSV said as well as commercial synergies and cross-selling opportunities the move would lead to “consolidation of operations, administration and logistics facilities” as well as IT infrastructure.

Following settlement of the Public Exchange Offer, further details on the impact of the acquisition will be communicated.