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ID 19070041 © Shirophoto | Dreamstime.com

I briefly talked to top sell-side research house Bernstein this week.

One thing that piqued my curiosity, in the wake of a paper they produced on the DB Schenker (DBS) sale*, is that, no matter how you line up all the conceivable bidders, at least on paper, from the logistics battlefield: Not a single one, however you stretch the numbers and assumptions on synergies, would be able to afford a cash bid in the region of $20bn** (€18.8bn) for the German ...

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