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Aug 19, 2019 (newstodate): Today marks the completion of Danish logistics company DSV's take-over over the Swiss company Panalpina.
With the settlement, the Panalpina will be fully controlled by DSV that have Kurt Kokhauge Larsen as Chairman, and Jens Bjorn Andersen, Jens H. Lund and Thomas Stig Plenborg members of the Panalpina board.
Together, DSV and Panalpina will command a workforce of some 60,000 employees in 90 countries.
The integration process expected to last some 2-3 years, with most of the operational integration being completed within two years, starts today with the intended appointment of CEO Jens Bjorn Andersen and CFO Jens H. Lund to Panalpina’s new Executive Board.
Appointment of a new Executive Management Team is likely to occur within the next week. The integration will then move in to the regions and countries as well as global and HQ functions.
In January 2019, DSV put forward an unsolicited, non-binding proposal to acquire the Swiss company Panalpina aiming at creating a leading global transport and logistics company with significant growth opportunities and potential for value creation. The offer was, however, turned down by Panalpina's shareholders one month later.
But negotiations were conducted and led to a fresh bid from DSV in April 2019, where DSV and Panalpina reached an agreement on the terms and conditions of a combination by way of a Public Exchange Offer to all Panalpina shareholders.
With the settlement, the Panalpina will be fully controlled by DSV that have Kurt Kokhauge Larsen as Chairman, and Jens Bjorn Andersen, Jens H. Lund and Thomas Stig Plenborg members of the Panalpina board.
Together, DSV and Panalpina will command a workforce of some 60,000 employees in 90 countries.
The integration process expected to last some 2-3 years, with most of the operational integration being completed within two years, starts today with the intended appointment of CEO Jens Bjorn Andersen and CFO Jens H. Lund to Panalpina’s new Executive Board.
Appointment of a new Executive Management Team is likely to occur within the next week. The integration will then move in to the regions and countries as well as global and HQ functions.
In January 2019, DSV put forward an unsolicited, non-binding proposal to acquire the Swiss company Panalpina aiming at creating a leading global transport and logistics company with significant growth opportunities and potential for value creation. The offer was, however, turned down by Panalpina's shareholders one month later.
But negotiations were conducted and led to a fresh bid from DSV in April 2019, where DSV and Panalpina reached an agreement on the terms and conditions of a combination by way of a Public Exchange Offer to all Panalpina shareholders.