warehouse deal.© Wave Break Media Ltd jpg
© Wave Break Media Ltd

Here are some calculations based on DSV’s Sfr4bn proposal for Panalpina announced on Wednesday, and what it means for the Swiss company’s key shareholder – the Ernst Göhner foundation, which controls 45.9% of the target’s equity capital.

The numbers I ran suggest that, based on the Danish group’s initial approach, the Ernst Göhner foundation would retain a stake of about 7.7% in the combined DSV + Panalpina entity.

Crucially, Panalpina pays out hefty dividends that the foundation doesn’t want to forgo. So, what does it ...

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