DSV's takeover of Swiss logistics service provider Panalpina may be off the table. Major shareholder Ernst Göhner Foundation has rejected the takeover bid.
Panalpina writes this on its website. The Ernst Göhner Foundation, which owns 46 per cent of the shares, would see more in an independent growth strategy.
Panalpina says it is still considering the CHF4bn (€3.5bn) bid, but with the Ernst Göhner Foundation's rejection, it seems unlikely that the board will give the green light.
DSV made an unsolicited takeover bid for Panalpina in January. Should the takeover succeed, DSV would become the third largest logistics player worldwide, after DHL and Kuehne + Nagel.
