Takeover bid
Panalpina and DSV agree to merge
DSV takes over the Swiss logistics group Panalpina. DSV and Panalpina have agreed on the terms of a merger by way of a public exchange offer to all Panalpina shareholders. With the merger, DSV and Panalpina will together become one of the largest transportation and logistics companies in the world with a pro forma turnover of around DKK 118 billion and more than 60,000 employees in 90 countries.
At the forthcoming Annual General Meeting of DSV, it will be proposed to the shareholders to change the name of the company to "DSV Panalpina A / S". DSV sees great growth opportunities in the possibility of the merger. There would also be many synergies. Kurt Larsen, CEO of DSV, comments on the current developments: "A combination of DSV and Panalpina further strengthens our position as a leading global transportation company. Together we can offer our customers a strong global network and an expanded range of services, further enhancing our competitive edge in the industry. It is a good fit at all levels. Panalpina is a great company and we are very excited about the opportunity to join forces and welcome Panalpina's talented employees." Peter Ulber, CEO of Panalpina, also stated: "Over the last few weeks, Panalpina's Board of Directors and management have been reviewing various strategic initiatives and discussing a possible combination with DSV. In the opinion of the Board, DSV's updated proposal is very attractive."
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