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Winners and losers of the power struggle to Panalpina

The disappointment at Panalpina Management is guaranteed after today's announced sale of the Danish competitors DSV – even if it is not likely to be open. The head of the second largest Swiss logistician, Stefan Karlen, had shown up to the last fighter, and a song of praise to the qualities of going it Alone.

Now the company goes for around 4.6 billion Swiss francs, the owner, and the Board of Directors recommends the acceptance of the offer. The public exchange offer is already supported by shareholders, which hold almost 70 percent of the registered shares of Panalpina . For this purpose, the largest shareholder of Panalpina, the Ernst-Göhner-Stiftung (46 percent), as well as the Swedish Cevian Capital and Artisan Partners.

This is not a happy day for the Management in Basel. After all: Quite the Name, Panalpina will not disappear. The new company will be called "DSV Panalpina A/S".

investors satisfied

It was the crucial question in the months-long takeover crime: Is the Ernst Göhner Foundation, their 46 per cent share lift shares in the Basel logistics or not? Obviously convinced, have a value of 195,8 francs in DSV shares the train-based Foundation.

With the announced share exchange, the critical investor Cevian and Artisan are satisfied. You left for months, hardly a good hair at Panalpina, Management, and the Ernst-Göhner Foundation, because Panalpina has, for years, on the spot. A pleasant result for the Foundation: At the conclusion of the transaction, you will be expected to be the largest shareholder of DSV, with a share of around eleven percent. A Foundation representative is also a member of the DSV Board of Directors.

For all investors, the offer represents a premium of 43 per cent to the share price of 15. January, the day before the first offer from DSV. At the time DSV was a Panalpina-share, by the way, only 170 francs value. The closing price on Friday was still 165,80 francs. A Panalpina-paper is the Danish company 2,375 Treasury shares value.

uncertainty for employees

Today, it is not clear that, for many employees of the Swiss logistician, the Concerns are now, at least for the time being, not less – even if the consequences of the deal are still all in sight. Through the Acquisition of a global logistics giant with over 60'000 employees, while the DSV with 48'000 employees, is significantly greater than Panalpina.

While, had to DSV in the past few months, the Swiss competitor, Panalpina employees on the Internet air and warned prior to the sale.

the Show will want in the coming weeks and months, what is the promise of the DSV value, a fair treatment of all employees to ensure. An integration Committee, Panalpina and DSV representatives to examine which tasks remain in Switzerland, announced the Danes.

joy of the Danes

Almost euphoric the buyer to Express in a message to the Acquisition, which will cost you billions. DSV speaks there of a perfect merger.

Over weeks, DSV had courted the Basel and not to be deterred, as their main shareholder, which had Ernst-Göhner-Foundation's, the advances to a clear rejection. On a first offer in mid-January with a second offer followed already at the beginning of February. Since then, it had remained calm, remarkably calm, even.

No luck for Kuwaiti competition

The Agility group, the loser in the struggle for Panalpina. Although the European headquarters of the Kuwaiti company and Panalpina's headquarters in Basel just a few kilometres away from each other, but due to yesterday's announced merger, there are worlds now between the two companies.

in mid-February, things looked different. At the time, it would seem as if the Ernst-Göhner-Foundation's drive a merger with the Kuwaiti company.

Agility CEO Tarek Sultan today should visit Switzerland and, among other things, the conversation with the economy wanted to find journalists, like the "financial and economic" had been reported. On Friday afternoon the visit had been cancelled but surprisingly, on the grounds that the Sultan's journey would have changed plans. It is now clear why the Manager has saved the trip in Switzerland. (Editorial Tamedia)

Created: 01.04.2019, 11:51 PM

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