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Panalpina and DSV agree to join forces
[ April 10, 2019 // Gary G Burrows ]DSV announced on April 1st that the company is acquiring Panalpina by way of a public exchange offer to all Panalpina shareholders.
If the offer is successful, DSV and Panalpina will become one of the world’s largest transport and logistics companies with a pro forma revenue of approximately DKK 118 billion and a workforce of more than 60,000 employees operating in 90 countries.
Peter Ulber, Chairman of the Board of Panalpina, explained that over the past weeks, Panalpina’s board of directors and management have been exploring different strategic initiatives and held discussions with DSV about a potential combination. “The board of directors’ assessment is that the updated proposal of DSV is very attractive,” he said. “We are now looking forward to joining forces with DSV and contributing to creating, one of the world’s largest transport and logistics companies.”
Following completion, DSV will propose to its shareholders, at an extraordinary general meeting, to change its name to “DSV Panalpina A/S”, which reflects the long, rich history of both companies.
“A combination of DSV and Panalpina further strengthens our position as a leading global freight forwarding company,” said Kurt Larsen, Chairman of the Board of DSV. “Together, we can present a strong global network and enhanced service offering to our clients, further solidifying our competitive edge in the industry. It’s a great match on all parameters. Panalpina is a great company and we’re very excited by the possibility to join forces and to welcome Panalpina’s talented staff.”
