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Investors following the DSV–Panalpina–Agility story are puzzled as to what could happens next, according to a New York-based portfolio manager I spoke to yesterday, echoing similar views of traders in London.

One swallow

“Agility (AGY) could swallow Panalpina (PAN) overnight, or just take it over and leave the foundation with a minority stake. Either way it would be a good deal for both,” I was told.

I don’t think so.

While many investors still believe that Kuwait-based Agility could buy out PAN – which, in ...

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