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            november 13, 2019

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CIBE 2019

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DSV launches US$4b bid for Panalpina


Copenhagen-based logistics firm DSV has offered US$4 billion to acquire Panalpina Welttransport Holding AG just months after CEVA Logistics rejected a takeover bid by DSV in favour of a "strategic partnership" with its largest shareholder, CMA CGM, which has since made a tender offer for CEVA.
Combining with Panalpina "would create a leading global transport and logistics company with significant growth opportunities and potential for value creation," DSV said. "A combination which presents a unique opportunity for both companies and their respective stakeholders, including shareholders, employees, customers and suppliers."
DSV said that if it combined with Panalpina, the combined business would generate expected revenues of 110 billion Danish krone (US$16.8 billion) and earnings before interest, taxes, depreciation and amortisation (EBITDA) of $1 billion on a pro-forma 2018 basis, excluding any synergy benefits, reported American Shipper.
Switzerland's Panalpina said its board of directors had "received an unsolicited, non-binding proposal from DSV to acquire the company at a price of CHF170 ($171) per share, comprising a mix of cash and DSV shares" and would review the proposal "in conjunction with its professional advisers". DSV said it was offering 1.58 DSV shares and CHF55 in cash for each Panalpina share.
Armstrong and Associates said that when ranked by gross revenues, DSV is the sixth largest third-party logistics provider (3PL), with 2017 revenues clocking in at $11.4 billion and revenues for the year totalling $5.6 billion.

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