The logistics group DSV is trying it again. After the failed Takeover of the Swiss transport company Ceva, the Danes want to tear now the Swiss competitors , Panalpina for around four billion francs under the nail.
the Background of the non-binding purchase offer by DSV Panalpina is the challenging Situation in the logistics industry. The growth of the world is likely to weaken trade, for example, because of the trade dispute between the United States and China, which could strengthen the fight for survival. In the highly fragmented market, merger fever has broken out.
Just Panalpina is due to the rather weak share price development in this regard for some time under pressure from the large shareholders Cevian and Artisan. Both hold about ten percent of the share capital of Basler and demanded the examination of a merger. So far, Panalpina's main shareholder (46%) balked with the Ernst goehner Foundation (EGS), however, against such a step.
resignation of the President
But the criticism of Cevian took a few weeks ago finally to the resignation announcement of Chairman of the Board Peter Ulber, represented in the body of the Foundation. Since Panalpina is traded as a takeover candidate. The bid of the DSV per Panalpina-share amount, concretely to 170 Swiss francs per share, consisting of a combination of cash and DSV shares.
DSV stressed in his communication, the benefits of a possible merger. A leading global transportation and logistics company with significant growth opportunities. Panalpina itself was reluctant, and wrote of an "unsolicited, non-binding contact". A opinion, in addition, a spokesman refused at the request of the news Agency AWP.
at Least on the stock exchange, the offer is good so far. There, the proportion of lead notes on Wednesday a price jump. At 11.40 you record 30 percent higher on 178,10 franc and thus on the DSV-bid. Thus, the investors expect a higher bid for the company, would be possible. Could come to such a competitor Kuehne Nagel Schindellegi, which is one of the world's market leaders. The company expressed some time ago his interest in the residents, however, had announced that it will not seek a hostile Takeover. The range of DSV, Panalpina, Kuehne Nagel, says.
stance of the Foundation is unclear
Whether the circuit is at Panalpina dominant EGS a to now open, remains unclear. The Foundation did not reply to a request so far. Recently, the Management of the group had emphasized, however, that one strives to have no Fusion, and to lift it rather soon, myself larger Acquisitions remember.
According to these pronouncements, analysts assume that the group and its shareholders not to accept the first commandment of the DSV. That a further improved offer could be successful, but to exclude, for example, wrote the Bank, Baader Helvea in a comment.
DSV lusted after larger acquisitions, was known. It was only in October that the Danes had submitted a takeover offer for the Swiss Panalpina competitors Ceva Logistics. Ceva had rejected this offer, however, and had received instead a more in-depth partnership with its main shareholder, the French shipping company CMA CGM. (amu/sda)
Created: 16.01.2019, 12:43 PM