Danish DSV has made an unsolicited bid for logistics service provider Panalpina. Should the acquisition succeed, DSV will become the third-largest logistics player worldwide, after DHL and Kuehne + Nagel.
The Financieel Dagblad writes. The Denmark-based logistics provider made an unsolicited bid of 4 billion Swiss francs (3.55 billion euros) for Panalpina. DSV's Swiss counterpart said it was considering the bid.
The FD speaks of a "major consolidation battle" in the sector. Recently, DSV, good for an annual turnover of 10.1 billion euros and 45,000 employees, already made an attempt to acquire CEVA Logistics. In the end, it was CMA CGM, a French family-owned group, that took over CEVA.
DSV is not the only one interested in Panalpina, which recorded revenues of 5.5 billion euros in 2017. Switzerland's Kuehne + Nagel is also said to be interested, although it has yet to make a concrete offer. Kuehne + Nagel would not be looking for a hostile takeover.
Panalpina CEO Peter Ulber has always spoken out against any sale. Late last year, however, it was announced that Ulber is leaving the company in the spring, with some critical Panalpina shareholders backing a takeover. According to shareholder Cevian, the company is underperforming.
