Take the masterful DSV Panalpina (DSV PAN), knowing its M&A-driven value proposition may need another fillip soon enough for its stock to break through new highs, which were reached recently partly thanks to the Agility deal – equity-financed at Dkr1,299.5 a share; now it trades 13.5% higher at Dkr1,475 – as well as other deal-related speculation.

Now break it up, leaving the Danish company directly owning only two large units – one is air and ocean freight, the other contract logistics ...

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