Panalpina shares bid good bye to Swiss Exchange; Jens Andersen takes charge as CEO
DSV A/S has finally completed the acquisition of Panalpina in a deal worth $5.50 billion, including the impact from IFRS 16. The Swiss logistics group
August 20, 2019: DSV A/S has finally completed the acquisition of Panalpina in a deal worth $5.50 billion, including the impact from IFRS 16. The Swiss logistics group accepted a bid from DSV in April, after more than two months of negotiations.
Under the deal, Panalpina shareholders will receive 2.375 DSV shares, with a nominal value of 1 Danish krone (DKK) per share, for each Panalpina share. Fractional DSV shares have been settled in cash in CHF. As the settlement has been concluded, the newly appointed Panalpina board of directors will comprise of Kurt Kokhauge Larsen as the chairman; Jens Bjørn Andersen, chief executive officer (CEO); Jens H Lund, chief financial officer (CFO); and independent deputy chairman of the board Thomas Stig Plenborg.
The board has taken note of DSV's decision to initiate the court procedure to cancel the remaining 1.54 percent Panalpina shares in accordance with article 137 FMIA (Financial Market Infrastructure Act). The board has resolved to delist Panalpina shares from the SIX Swiss Exchange.
Panalpina CEO Stefan Karlen and CFO Robert Erni will continue to serve as members of the integration committee, with Andersen and Lund.
The board has thanked Karlen, Erni and Karsten Breum, chief human resource officer (CHRO) for their long and loyal service to Panalpina and in recent months for being welcoming and constructive in preparing the business and employees for the upcoming integration with DSV.
With this consolidation, DSV expects to achieve annual cost synergies of around DKK 2,200 million. The cost synergies are expected to have a full-year effect by 2022 and will primarily be derived from the consolidation of operations, logistics facilities, administration, and IT infrastructure.
Any update, including the expected timing of synergies, integration costs and outlook for 2019, will be communicated in DSV's Q3 2019 interim financial report on November 1, 2019.
Pending the approval at an extraordinary general meeting, DSV A/S will change its registered name to 'DSV Panalpina A/S'. As the integration progresses, all subsidiaries and operational activities, however, will be united under the DSV's brand name.
As of August 19, DSV shares in Copenhagen Stock Exchange closed at DKK 635.20. While Panalpina closed the last trading in SIX Swiss Exchange at CHF 219.00.
