I had to go through the full transcript of the DSV / Panalpina deal call, dated 1 April, again after yesterday’s announcement that the board of directors of Panalpina proposed “that no dividend be paid out to shareholders” in 2019.

My second effort was rather selfish, just to make sure I had not lost my marbles, given the first impression that I – and many others on the analysts’ call – had had when we listened to what this powerful combination might ...

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