Forwarding, Freight News, Logistics

Updated: Panalpina snubs DSV bid

[ February 6, 2019   //   ]

Panalpina’s largest shareholder, the Ernst Goehner Foundation, which owns nearly 46 percent of the Swiss forwarder, has rejected an offer from rival DSV. Foundation board member Thomas Gutzwiller said on 4 February that Panalpina would be better served by its consolidator strategy “than the published non-binding purchase offer from DSV”.
The Danish logistics company had offered over $4 billion for Panalpina
DSV said it would continue to carefully review the situation and that further announcements will be made as appropriate.
DSV said later at a press conference to announce its annual results that the acquisition would, if successful, be its biggest ever such move. However, the company had no further comment to make at that stage.
It added that it had put in place the necessary warehouse capacity to cope with Brexit, although it would not be able to guarantee a completely seamless operation in the event of a ‘No Deal’ scenario.