Friday, February 15, 2019

Mystery Surrounds Future of Major Freight Forwarding and Logistics Giant

Who and When Will Control Shift to if Panalpina Opts for Change?
Shipping News Feature
SWITZERLAND – Freight forwarding and logistics giant Panalpina is certainly the hub of interest at the moment. Having been hit with a €23.6 million fine from the European Court of Justice just a year ago for cartel activities which also cost similar firms dear, the company was the target for an unsolicited bid from Danish group DSV of 1.58 DSV shares and CHF 55 in cash, equating to CHF 170 per share.

Earlier this month we told how that bid was refused by major shareholding interests but now DSV has approached the Panalpina board with an improved offer of CHF 180 in cash, a deal the board says it is considering.

However the Swiss group has just released a statement in which it confirms media reports that it is in discussions with the Agility Group on potential strategic opportunities with regard to their respective logistics businesses. Panalpina says discussions between the two companies are at a preliminary stage.

Agility and Panalpina should at least know each other quite well, the Kuwaiti born outfit were also fined in that same Advanced Manifest System Cartel scandal alongside the Swiss group, but only however a paltry €2.3 million.

Photo: An exuberant perishables team from Panalpina at Fruit Logistica, Berlin earlier this month.