DSV goes shopping in Basel
Panalpina, a Basel (Switzerland)-based logistics corporation, could lose its independence. The group’s board of directors has received an unsolicited, non-binding takeover proposal from DSV.
The Danish company is offering CHF 170 per share in a combination of cash and DSV shares. Panalpina shares are currently quoted at around CHF 137, so shareholders would achieve an almost 25% profit.
Panalpina’s board of directors will check the offer, which is not unexpected, given that there has been a lot of unrest in the company in recent months. Board chairman Peter Ulber announced that he will resign in May. Various shareholder groups have criticised the company’s lack of development.
DSV is reckoned to be an eager “shopper” as it wanted to acquire Ceva Logistics for CHF 1.5 billion in autumn 2018, but failed. The Danes would have to lash out around CH 4 billion to take over Panalpina. (mw)