Panalpina’s largest shareholder rejects DSV takeover bid

Today, Panalpina’s largest shareholder, the Ernst Göhner Foundation, said it does not support the non-binding proposal from Denmark-based rival DSV to purchase the Swiss forwarding giant.

About two weeks ago, Panalpina’s board said that “according to its fiduciary duties,” it would review the proposal with its professional advisers. The offer, which was released on Jan. 16, was for US$170 per share, from a combination of cash and DSV shares, adding up to about US$4 billion.

Today, the Ernst Göhner Foundation, which holds about 46 percent of Panalpina’s total share capital, said that it “supports Panalpina’s Board of Directors in pursuing an independent growth strategy that includes” mergers and acquisitions.

DSV has attempted to acquire shares in other forwarding outfits – in October, making a non-binding acquisition bid for CEVA Logistics AG to for $28 per share, which the latter rejected, saying the offer was “not in the best interest of the company and its shareholders.” DSV upped the ante in a subsequent offer of $30 per share, but rescinded it before CEVA could respond.