Done - 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. (mw)