So, I am really pleased that my DSV/Panalpina (PAN) base-case scenario – to which I still reluctantly gave a 4% to 6% probability of success (click here, here and here) – eventually played out.

And I am also delighted it didn’t end in tears for DSV, the new owner of the Swiss 3PL and one of the best freight forwarders out there.

The highlights of this Sfr4.7bn deal, of course, are the massive take-out price as well and the funding mix, while ...

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