Since mid-2018 I’ve touched upon the merits of a Kuehne + Nagel + DHL Global Forwarding, Freight (DHL GFF) deal ? but I have been told by many market observers and advisors that the two transport operators were way too big to get away with a tie-up of that scale. However, I have maintained the view, on a preliminary basis, that antitrust hurdles could be easily overcome, with some contracts and assets flipped to third parties, given fragmentation in the industry.

While ...

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