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The immediate thought that sprang to my mind after news broke this week that Peter Ulber, chairman of Panalpina, would not be re-elected next year was: let the fun begin now.

Does it mean Panalpina will be taken over, or embrace more aggressive financial engineering?

I doubt it, although its latest bond issuance was a pleasant surprise.

Stepping down

While the share price has risen in the past couple of days, after some initial broader market-induced weakness, I was more interested in what the announcement ...

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