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It is still less than two months since DSV first made its formal offer for Panalpina, but it has become ever clearer from my sources in Switzerland that the potential deal is souring, with executives in Basel, I gather, increasingly irked by comments coming out of Copenhagen.

In fact, lately DSV has been accused by sources close to the deal negotiations of sending mixed messages – Danish business newspaper Borsen recently quoted chief executive Jens Andersen as saying that acquisitions only make sense ...

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