Analysis: Bruised DSV – cash not king anymore?
…or just blame investment needs and seasonality
Here are some calculations based on DSV’s Sfr4bn proposal for Panalpina announced on Wednesday, and what it means for the Swiss company’s key shareholder – the Ernst Göhner foundation, which controls 45.9% of the target’s equity capital.
The numbers I ran suggest that, based on the Danish group’s initial approach, the Ernst Göhner foundation would retain a stake of about 7.7% in the combined DSV + Panalpina entity.
Crucially, Panalpina pays out hefty dividends that the foundation doesn’t want to forgo. So, what does it ...
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