Logistics: Panalpina is under Danish flag – Switzerland


Danish logistics company DSV will take over its Swiss counterpart Panalpina. The board of directors of the latter recommends that shareholders accept the offer of the Scandinavian giant, which has already been approved by shareholders holding 69.9% of Panalpina shares, according to a statement released Monday.

The two sides agreed on the conditions for a "merger through a takeover bid". The Ernst Göhner Foundation, which controls 46% of Panalpina, as well as Cevian Artisan shareholders have already given the green light for the purchase.

The planned transaction values ​​Panalpina for 4.6 billion francs (30.5 billion Danish kroner). Specifically, the Danish group offers 2,375 DSV titles (with a nominal value of one crown per title) against a Panalpina share. Part of Panalpina's shares are settled in cash. In the end, the offer represents an implicit price of 195.8 francs for a Panalpina share.

This represents a 43% premium over the closing price of the Swiss logistics on January 15 (137 francs), the last day before the first Danish offer was published.
At the end of the operation, DSV and Panalpina will form one of the largest transport and logistics groups in the world, with pro forma sales of 18.2 billion francs and more than 60,000 employees. Completion of the transaction is expected for the fourth quarter. (Sl / nxp)

Created on: 01.04.2019, at 07:49


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