DSV takes over Panalpina for 4.6 billion francs

Panalpina is now estimated at 4.6 billion. (Image copyright: Keystone)

The Swiss Panalpina logistics group is occupied by DSV. The Danes pay a total of 4.6 billion franks for the Basler.

The three categories of Panalpina will offer their sectors the most to a DSV as part of a public exchange offer. Before the decision, there was a struggle amongst the shareholders about the future of Panalpina.

For a long time, there were two camps facing each other: on the one hand, the Ernst Göhner Foundation (EGS), which accounts for 46% of the company, and on the other, Cevian Capital Partners and Artisan, each about 12 per cent.

Although the Ernst Göhner Trust had encouraged one-person effort, the two active activists were open for initial containment. Following the second development proposal by DSV, the baseline appears to be weak.

DSV had initially offered 170 francs to the Panalpina allowance in January, and in a first stage sold 180 francs. Following a further development, DSV now pays 2.375 financial departments in the Panalpina area. It was 195.80 francs per department per previous price.

The Basler Group is therefore valued at 4.6 billion Francs, as published by DSV and Panalpina on Monday.

The fourth quarter is expected

Trading closed for fourth quarter 2019, according to the news release. The name of the company is then changed to "DSV Panalpina A / S". The intervention of Panalpina is expected to take place between two and three years, according to the CEO DSV Jens Björn Andersson to Reuters.

For the agreement to be completed, 80 per cent of the Panalpina shareholders must invest their shares. But, with EGS, Cevian and Artisan, the shareholders are currently supporting the exchange, which has 69.9% of the total shares.

EGS will become the largest DSV shareholder through the contract with the largest shareholder, Panalpina. After completing the case, it is expected that the foundation will be around 11 per cent of the Danish group.

As can be seen from the official publication of the agreement, the philanthropy center will also sit on the board of DSV directors. In addition, EGS has been actively involved in selling its DSV categories for a period of two years.

DSV has finally reached agreement with the Board of Directors of Panalpina on a policy of loyalty to DSV shareholders after the union. The aim is to achieve a pay ratio of around 15 per cent of net profit.

Cevian welcomes merger

Above all, the small sections of Panalpina are content with the agreement reached. "We are sure that the union has a real business logic and creates one of the leading firms in the logistics industry," said Lars Förberg, Capital Cevian co-founder, about AWP.

In fact, the profits for the pro-forma have been changed to around 118 billion Danish dollars (about 18.2 billion Swiss francs) after the exchange offer was completed. To make a comparison: The great Swiss dog Kuehne + Nagel created 2018 over 20 billion.

The two companies will have employees working together for around 60,000 staff. There have not yet been any reports of potential cuts to construction.

Usually both companies sell the union but as a growth project. It is sizeable about enlargement. In situations where two jobs were at the bottom, it could also be removed, and that would have been heard on Monday from enterprise trips.

Meanwhile, Panalpina has completed his lectures with Kuwaiti's flexibility of union or co-operation. These were provided as an alternative to dealing with DSV.

Panalpina is launched in Denmark

It is already clear that the Panalpina sections go away from the SIX Exchange Swiss. The new company "DSV Panalpina A / S" will be registered in Copenhagen.

With the end of independence at Panalpina a long history of a company will end. This organization was established in 1935. It was reintroduced to the Rhine shipping company, which reached its roots even until 1895. SIX of Switzerland's silver stocks were listed in 2005.

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