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Klaus-Michael Kuehne is taking it personally, according to several market rumours, so I asked Mr Harper, a senior M&A market guru, what he made of the possibility of DSV losing out to Kuehne + Nagel in its pursuit for Panalpina.

When, in November, I wrote about a bidding war in the making for CEVA Logistics, (valued in the same ballpark as Panalpina, but with a fundamentally different capital structure) the part I got right was that DSV wouldn’t give up in ...

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