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Late afternoon on Monday, a London-based broker, Mr Arbitrageur, got in touch.

“Any ideas what this means?”

(See the press release below)

“Have been trying to figure it out myself,” I replied, although I had barely noticed it, as I was seriously busy working on another $20bn-plus piecemeal deal that could make a lot of sense.

“It indicates they [Panalpina] want to improve governance and proceed as a standalone entity? Who knows.”

Strange, I thought, that my trade sources were silent, if it meant anything at ...

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