As rainmakers are increasingly busy making sense of pro-forma investment tie-ups in logistics, we have often thought takeover under the assumption that only the most aggressive asset-light M&A leader worldwide, DSV Panalpina ($41.5bn market cap), will soon show us where it stands.

Unintended consequences

But with the bread-and-butter deal appetite growing – as proved by several relationship-driven transactions between late 2020 and early 2021 – then the $800m freight sale to TFI International by UPS and finally, soon after upping the M&A ante the ...

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