News / DSV's 'opening gambit' for Panalpina could trigger rival bids

Diane Picard

DSV’s offer yesterday of CHF170 per share for Panalpina – thought to be an “opening gambit” ? would create the third largest global freight forwarder by revenue, behind DHL and Kuehne + Nagel.  

But analysts think DSV’s move, revealed last night by Loadstar Premium, could trigger a bidding war for the Swiss forwarder, with Kuehne + Nagel (K+N) most likely to show interest. 

Panalpina became a more attractive target after an activist investor, Cevian, which holds a 12% share, succeeded in removing chairman Peter Ulber, who was thought to be against any takeover deal. 

Mr Ulber’s decision not to stand for re-election ...