DSV offers for each of Panalpina’s share, as announced 2,375 Treasury shares. Now the DSV shareholders have on 27. May at an extraordinary General meeting of shareholders for the Acquisition of the necessary capital increase, the green light issue.
The two logisticians had agreed at the beginning of April to the Acquisition. The three largest Panalpina shareholder, the Ernst Göhner Foundation, Cevian Capital, and Artisan Partners, had said at the time that the DSV of their shares. So the Danes already have nearly 70 percent of the shares. Minimum target of the takeover bid, a share of 80 percent.
In the submission of the takeover offer, the offer was 195,80 francs per Panalpina-share value. Since then, both stocks have gained Panalpina DSV value. Panalpina closed last Friday on 214,60 francs and DSV on 604,40 Danish crowns. Accordingly, the DSV is converted 218,29 Swiss francs per share value.
Panalpina had rebuilt in the past few years, his business, and was considered by analysts in the light of a long way back in the profit zone for some time as a takeover candidate. DSV had already been taken in mid-January for a first attempt, to buy, Panalpina. The offer of 170 francs per share, joined, however, when the large shareholder, the Ernst Göhner Foundation.
Shortly thereafter, DSV increased its bid to 180 francs per Panalpina share, while the Basel signaled a possible shoulder-to-shoulder with the Kuwaiti Agility Group. After that, serious talks between the Panalpina shareholders and DSV, which resulted in the agreement from the beginning of April began, apparently.
Panalpina was not DSV’s first choice in Switzerland. Half a year earlier had sought the Danes, to the Acquisition of Ceva Logistics. Ceva declined the offer, however, and took refuge in the arms of its main shareholder, the French shipping company CMA CGM.
The Danish Transport and logistics company DSV has grown considerably in recent years and has made several important acquisitions. Including about the Dutch Frans Maas (2006), the Belgian ABX Logistics (2008) and UTi Worldwide (2016) in the United States.
The group employs in more than 80 countries, around 45’000 employees. 2018 DSV generated a turnover of 79 billion crowns (12 billion francs) and an operating result (EBITDA) of 6.2 billion. For comparison: Panalpina employees in 70 countries, 14’800 employees and achieved in the previous year, with a turnover of around 6 billion Swiss francs and an EBIT of 118 million.