News / CVC questions DB Schenker sale process after offering to raise its bid

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After a last-ditch attempt by CVC to overturn DSV’s successful bid for DB Schenker by offering more money failed, the consortium has questioned the fairness of the sales process. 

However, Schenker owner Deutsche Bahn has asserted it was conducted in a “transparent, open and non-discriminatory manner in accordance with EU law.” 

While CVC declined to comment, a well-placed source told The Loadstar that, in a letter to DB’s supervisory and management board on Tuesday, the private equity fund described its offer for DB Schenker as “superior” to DSV’s and called on DB to conduct “a process of equal treatment and transparency which allows the best offer to win”. 

The letter added: “We are therefore firmly convinced that our offer is economically advantageous compared to the DSV offer, which is why we should have been awarded the contract for the acquisition of Schenker. 

“If Deutsche Bahn was of the view that there were any residual uncertainties as to how the two offers compare, we would be prepared to discuss an increase of the equity value of our offer to fully remove any such concerns.” 

However, DB appeared to rule out any possibility of CVC’s appeal being heard. A spokesperson told The Loadstar: “The signing of the purchase agreement with DSV concludes the sales process, in accordance with EU state aid law, and unilateral declarations by bidders can no longer be considered. However, even assuming that all modifications submitted by CVC after the final bid are considered, DSV’s offer remains economically advantageous.” 

The CB spokesperson noted that, as is customary, the board commissioned an external expert opinion from an independent auditor which validated the bids neutrally and issued a final assessment. 

“According to the parameters of EU law, the economic attractiveness of the offer is crucial. All binding bids received were thoroughly examined and evaluated by Deutsche Bahn and its consultants within the framework of the procedural and legal requirements and discussed in relevant committees.” 

The spokesperson did not respond when asked by The Loadstar to elaborate on what in CVC’s bid was less attractive than DSV’s. 

The decision on the sale of DB Schenker will now be submitted to the supervisory board for approval, scheduled for 27 September, the spokesperson added.