Earlier this summer, DSV CFO Jens Lund famously talked up their M&A book by arguing they would be open to negotiate a deal with state-owned Deutsche Bahn unit DB Schenker, if the mighty German 3PL were on the market.

Looked upon in admiration by the ruthless M&A hyenas in logistics, the recalcitrant reply the DSV managers received was contained in an internal memo released by the would-be target to all employees, in which the Germans argued that the “purely hypothetical” approach ...

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