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DSV submits bid for Panalpina

Hedehusene (Denmark)-based DSV, the fast growing and acquisitive-minded logistics group now has Panalpina in its sight. Yesterday, DSV sent the giant Switzerland-headquartered supply chain services group an indicative and private bid valuing the group at about CHF4B

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DSV submits bid for Panalpina

Panalpina has been seen as a takeover target for some time, but speculation ramped up after Peer Ulber stepped down as Chairman, with both Kuehne & Nagel and DSV seen as likely suitors.


DSV’s proposed deal, which comprises a mix of cash (CHF55 per share) and DSV shares (1.58 for each Panalpina share) is worth CHF170 per share. Prior to the bid being received, Panalpina’s volume weighted average share price over 60 days was CHF129.50.


Panalplina acknowledged receipt of the proposal and in a company statement said: “According to our fiduciary duties, the board of directors of Panalpina is reviewing the proposal in conjunction with our professional advisers.”


DSV has become increasingly acquisitive its management has made it clear that it wants to be a major player in an industry ripe for consolidation and where profit margins are thin and competition intense. Last year the group was chasing CEVA, but lost out to Marseilles-based liner shipping company CMA CGM.


“A combination of DSV and Panalpina would create a global transport and logistics company with significant growth opportunities and potential for value creation”, said a DSV statement. “This combination presents a unique opportunity for both companies and their respective stakeholders including shareholders, employees, customers and suppliers.”


Commenting on fiscal issues, DSV claimed that a combined DSV/Panalpina would generate total turnover of DKR110B and earnings before interest, tax, depreciation and amortisation of DKR7B, based on pro-forma 2018 data and before synergies being taken into account. The latter would likely stem from centralising and streamlining back off office, marketing and sales activities.


DSV’s bid looks as if it will be an opening salvo for Panalpina with other parties likely to enter the fray.

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