Deals
Panalpina Investor Rebuffs DSV's $4 Billion Takeover Offer
- Rejection is setback for DSV after failing to buy Ceva
- Analysts expect a higher price is needed to clinch a deal
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Panalpina Welttransport Holding AG’s largest shareholder rejected a $4.2 billion offer from Denmark’s DSV A/S, saying the Swiss air-cargo company would do better with its own expansion plan.
The Panalpina committee of the Ernst Goehner Foundation, which holds 45.9 percent of the stock, said Monday in a statement it “supports Panalpina’s board of directors in pursuing an independent growth strategy that includes M&A.” The Danish-Swiss combination would create the world’s second-biggest air cargo firm and would rank fourth in the global logistics market.