Comment / Analysis: takeover means 'a great deal' to Panalpina; has DSV weighed the risks?

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There were two hot topics for debate on Monday for those lucky enough to be on the DSV/Panalpina takeover conference call: hard synergy targets; and what, specifically, the Sfr4.7bn deal would mean for PAN employees.

On both counts, disillusion swiftly ensued, as soon as the Q&A session started.

Pleased with that?

The performance of the DSV executive team on the call to financial analysts was hardly pleasing – although, admittedly, given the usual fanfare and overstated targets when jumbo deals of this kind ...