DSV bid acceptances reach 98pc

DSV says it has now received acceptances for 97.98 per cent of Panalpina’s shares in its takeover bid for the company.

It expects to publish the definitive notice of the final result of the offer on 13th August 13, and the settlement is expected to occur on 19th August.

DSV launched its bid for Panalpina in January, but was initially rebuffed. However, in March, the Panalpina board accepted an improved offer of 2.375 DSV shares for each Panalpina share.

The merged business will be named DSV Panalpina. It will have a turnover of £13.6 billion a year, and employ about 60,000 people in 90 countries.

DSV chairman Kurt Larsen said at the time of the agreement: “A combination of DSV and Panalpina further strengthens our position as a leading global freight forwarding company. Together, we can present a strong global network and enhanced service offering to our clients, further solidifying our competitive edge in the industry.”