To understand what the scale of the challenge would be for DSV Panalpina to take over DB Schenker – say within a year or so – after the Agility GIL appetiser is digested by the Danes, we really need to think about the caged German bear in isolation, as if it were a listed firm already.

Bar meaningful regulatory considerations here*, stated-owned DB Schenker* is private and one reason why speculation re-surfaced last week is, indeed, because it’s private and big ...

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