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It is easy to suggest that DSV could soon bulk up inorganically and, consequently, just as I noted in in my latest coverage, it’s easy to understand why M&A can be a powerful tool for the Danish forwarder.

However, identifying suitable combinations is more problematic. As there is a paucity of sizeable acquisitions that could quench its M&A thirst, how about instead an incredible twist in the ending of this corporate story, with DSV itself being targeted?

Deep throat

It all started last ...

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  • Michael Pruden

    June 22, 2018 at 7:58 pm

    Do you know whether KWE might be a target?
    And you think Panalpina might be too big for DSV?

    • Ale Pasetti

      June 23, 2018 at 11:42 am

      Hi Michael, thanks for your comment. I looked at Panalpina, too, and I don’t think it is too big for DSV. Also, in terms of market value, it’s a deal DSV could afford, but the controlling shareholders of PWTN are unlikely to bow if they are not offered a large stake in a combined entity. Unlikely. Most of the Japanese companies I cover (Nippon Ex, Hitachi TS, and KWE) have been looking around for some time, but again there aren’t many targets available. Specifically, KWE had a good 2017, with revenues up 16.6%, although projections are less impressive (it forecasts a 5.7% rise in sales and roughly 10% growth in operating profit. Its latest revised guidance, released on 11 May, is more bullish than implied in its original business plan announced in 2016). One to watch, but an unlikely target, IMO.