Denmark’s DSV to buy logistics company Panalpina

Major player: Andersen (right) will be chief to the world’s fourth biggest freight-forwarding company after the takeover by DSV. — Reuters

COPENHAGEN: Swiss logistics group Panalpina has bowed to an increased 4.6 billion Swiss francs (US$4.6bil) bid from Danish rival DSV, ending a more than two-month takeover battle designed to build scale in the consolidating transport sector.

DSV, whose chief executive Jens Bjorn Andersen has been on the hunt for targets to broaden his company’s global reach and help cut costs, said yesterday Panalpina had accepted an all-share offer of 2.375 DSV shares for each Panalpina share.