Many have argued in the past year and even more so recently, that if DSV had known then what it knows now about the books at Panalpina (PAN) – due diligence was somewhat scant, as DSV fairly conceded in the early days of the integration – it would have probably looked elsewhere, anywhere, in order to strike a multi-billion dollar deal.

With all its contradictions and a bloated cost base, the Swiss forwarder, for example, wasn’t as financially troubled as US-based ...

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