Ernst Göhner Foundation, which owns approximately 46% of Swiss freight-forwarder Panalpina, has rejected a Panalpina takeover approach from Danish freight-forwarder DSV.

In mid-January, DSV submitted an unsolicited, nonbinding proposal to acquire Panalpina for CHF170 ($172) per share, comprising a mix of cash and DSV shares.

Joining the two companies would create “a leading global transport and logistics company,” with significant growth potential, DSV said in January.

“The combined business would generate expected revenues of more than DKK110 billion and EBITDA of more than DKK7 billion on a pro-forma 2018 basis (excluding any synergy benefits),” DSV said.  

However, in a Feb. 4 statement, Panalpina said its largest shareholder “does not support” DSV’s non-binding proposal. Instead, Ernst Göhner Foundation and Panalpina’s board want to pursue “an independent growth strategy that includes M&A.”

DSV acknowledged the Panalpina statement, adding: “DSV continues to carefully review the situation. Further announcements will be made as appropriate.”

Panalpina is best known as a freight forwarder, but the company carried over a million tons of air freight in 2018, using a Panalpina-branded Boeing 747-8F on wet-lease from US cargo specialist Atlas Air.

Victoria Moores