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I smiled last week when Hong Kong-listed Kerry Logistics was vaguely rumoured to be interested in Swiss 3PL Panalpina (PAN), trying to compete with DSV in its chase for one of the most prized and expensive assets in logistics M&A history.

However, now that my chief sources on the freight forwarding deal of the century suggest that “Panalpina believes that a new offer will be presented by a new player, and possibly by DSV”, I am forced to take the possibility ...

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