The Danish Transport and Logistics Company DSV acquires Panalpina
DSV and Panalpina have reached an agreement on the terms and conditions of a combination by way of a public exchange offer to all Panalpina shareholders, which Panalpina’s board of directors has recommended its shareholders to accept. The offer already has the support of shareholders representing 69.9% of Panalpina’s ownership. The transaction has an enterprise value of approximately CHF 4.6 billion.
Following completion, DSV will propose to its shareholders, at an extraordinary general meeting to be convened, to change its name to “DSV Panalpina A/S”. At completion of the transaction the Ernst Göhner Foundation is expected to become the largest shareholder of DSV, with a holding of approximately 11% of the issued share capital.
DSV has undertaken to nominate and recommend to its shareholders that a candidate proposed by the Ernst Göhner Foundation is elected to the board of directors of DSV A/S. The public exchange offer settlement and completion of the transaction are expected in Q4/2019.
Source: The ITJ 1 April 2019.
Panalpina, a Swiss company, is a provider of forwarding and logistics services, specialising in intercontinental air and ocean freight and associated supply chain management. It operates a network of some 500 branches in more than 80 countries; in a further 80 countries, the group cooperates closely with selected partners. Panalpina employs 15,000 people worldwide.
Hubs of Panalpina are situated in Luxembourg, at Findel Airport, Prague and in Huntsville, Alabama, at Huntsville International Airport.
Panalpina was fully owned by the Ernst Göhner Foundation until its public listing on the SWX Swiss Exchange on September 22, 2005. In 2005, Panalpina acquired Janco Oilfield Services in Singapore and Overseas Shipping Group in Norway. In 2017, the company acquired two companies in Germany and the Netherlands, respectively, to extend its network in the perishables business.