News / DFDS pulls out of €500m Ekol takeover bid

ID 123536201 © Bjorn Wylezich | Dreamstime.com

Danish ferry and haulage operator DFDS has abandoned its bid to acquire the international transport assets of Turkish firm Ekol Logistics.

In April, DFDS announced it had agreed a €500m ($545m) deal to acquire Ekol’s “overland transport network between Europe and Turkey”, as it sought to take advantage of the growth of nearshoring manufacturing in Turkey and reduce its corporate reliance on ferry revenue by growing its logistics division.

However, in a regulatory news filing today, DFDS said “completion of the transaction ...