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DSV to buy Panalpina in US$4.6bn European logistics deal

DSV to buy Panalpina in US$4.6bn European logistics deal

Atlas Air/Panalpina

DSV A/S agreed to acquire Swiss rival Panalpina Welttransport Holding AG in a deal worth US$4.6bn that will create one of the world’s largest cargo-handling and logistics companies.

The board of directors of Panalpina recommended shareholders accept the mostly stock offer worth 196 Swiss francs (S$267) a share, the companies said in a statement, confirming a Bloomberg report. Panalpina shares jumped as much 16 per cent to 192.40 francs, while DSV shares reversed an early 2.7 per cent gain to drop 4.9 per cent, the most since 4 Feb.

The price represents a 43 per cent premium from 15 Jan, the day before DSV’s initial proposal, and has the backing of investors holding 69.9 per cent of registered shares including the Ernst Goehner Foundation, which owns 46 per cent of Panalpina and had rebuffed a previous offer.