Panalpina rejects acquisition bid by DSV

Swiss foundation owning 46 percent of Panalpina does not support offer from Denmark’s DSV.

   The Swiss logistics company Panalpina said Sunday that its largest shareholder is rejecting a takeover bid from DSV.
   Copenhagen-based DSV, also a logistics provider, said Jan. 16 that it was offering to acquire Panalpina for about $4 billion with a mix of cash and DSV shares.
   But Panalpina said Sunday that the Ernst Göhner Foundation, Panalpina’s largest shareholder representing approximately 46 percent of the total share capital, informed its board of directors that it does not support the current nonbinding proposal from DSV and that it supports Panalpina’s board of directors in pursuing an independent growth strategy that includes mergers and acquisitions.
   Ernst Göhner was a Swiss industrialist who acquired a large stake in Panalpina in the 1960s.
   Panalpina said its board will “continue to carefully review the situation with its professional advisers. Further announcements will be made as appropriate.”
   It is not clear if DSV will make a second, higher bid for Panalpina.
   DSV acquired Long Beach, Calif.-based UTi in 2016 for $1.35 billion and made a bid last fall to acquire CEVA Logistics.
   After CEVA rejected its initial bid, DSV made a second, sweetened offer, but ultimately CEVA rejected the DSV takeover bid in favor of a “strategic partnership” with its largest shareholder, CMA CGM.
   CMA CGM subsequently made a tender offer for additional CEVA shares.
   CEVA said the CMA CGM offer is “friendly” and even before the tender was launched, CMA CGM owned about a third of CEVA. Under Swiss law it was required to launch a tender for all the shares.
   In addition to the shares it already owned, CMA CGM has agreed to purchase additional shares from Societe Generale and Goldman Sachs and said that other CEVA shares are the subject of a swap it has with Goldman Sachs.
   CEVA said CMA CGM plans to keep CEVA an independently listed company and has recommended shareholders hold onto shares rather than tender them to CMA CGM because they believe they could realize higher value than selling them right away.