It is reported that Swiss logistics giant Panalpina ( Panalpina ), which ranks sixth in container volume in the world, has issued a notice and received a non-binding merger proposal from Danish transport and logistics company DSV.
DSV plans to acquire Panalpina at a price of 170 Swiss francs per share, including cash and shares.
According to Reuters's estimation, this means that DSV has estimated the target company's 23.7 million outstanding shares at 4 billion Swiss francs ( about 4.05 billion US dollars ).
Panalpina shares closed at 137 Swiss francs on Tuesday.
Cevian CapITal, which holds a 12.3 % stake in Panalpina, has previously said that it hopes the company can be open to acquisitions in the face of difficult shipping business, declining oil and gas business, lagging IT systems and lagging growth behind competitors.
At present, Panalpina's statement mentioned that the board of directors is evaluating the proposal and will announce further results at an appropriate time.
It is understood that according to the 2018 ranking of global shipping forwarders released by Transport Topics, DSV ranks sixth in the world with a container volume of nearly 1.39 million TEU, while Panalpina ranks fifth. If the acquisition deal is reached, DSV will reach the third position, with the container volume close to Sinotrans.
Extended reading:
Panalpina Group is one of the world's leading suppliers of supply chain solutions. The company combines its core products - air, sea, logistics and manufacturing - to provide globally integrated, tailored end-to-end solutions for 12 core industries.
With in-depth industry knowledge and customized IT systems, Panalpina manages the supply chain needs of its customers, no matter how demanding they are. Energy and project solutions are the professional services of the energy and capital projects department.
Panalpina Group has about 500 offices in 70 countries and cooperates with partner companies in another 100 countries. Panalpina employs about 14,000 people around the world and can provide comprehensive services to the highest quality standards at all times and places.
