Panalpina has agreed to a new takeover bid from Danish peer DSV. The logistics provider will acquire Panalpina for 4.6 billion Swiss francs (4.1 billion euros).
This reports news agency Bloomberg. The purchase will make DSV the fourth largest global transport company in one fell swoop, after DHL, KUEHNE + Nagel and DB Schenker. DSV, which has a strong road focus, is expanding its air and sea logistics operations with Panalpina.
DSV made an unsolicited bid of 4 billion Swiss francs (3.55 billion euros) for Panalpina earlier this year. Panalpina did not immediately agree to that offer, although a takeover was not ruled out. In February, top executive Stefan Karlen still stated that Panalpina saw itself as a buyer rather than a target in the consolidation battle among freight forwarders.
However, critical shareholders Cevian and Artisan Partners of Panalpina were pushing for a merger. Cevian, which held a 12.3 per cent stake, believed the company was underperforming.
Danish DSV currently has 47,400 employees and accounts for annual sales of 10.6 billion. Panalpina employs 14,500 people and achieved sales of 5.4 billion euros in 2018.
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