In M&A, one rule of thumb is that there are no written rules of engagement when it comes to financial targets being met.

So I did my best to ignore the ongoing negotiations between DSV management and key Panalpina (PAN) staff about contracts, money and even severance packages. But this is a crucial point in the early days of integration between the two logistics providers and will be central for the combined entity’s business prospects. As a reference, PAN made just ...

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