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2020

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08

Denmark's DSV is buying Swiss logistics giant Panalpina for $4.62 billion.

　　Danish transport and logistics company DSV A/S will buy Swiss international transport and logistics provider Panalpina for 4.6 billion Swiss francs ($4.62 billion) after receiving an updated offer, the company said on Monday.
 
 
　　

DSV CEO Jens Bjorn Andersen has been looking to expand the company's global presence and cut costs.

Kurt Larsen, Chairman of DSV, said: "The combination of DSV and Panalpina further strengthens our position as the world's leading freight forwarder. Together, we can offer our customers a strong global network and enhanced services, further consolidating our competitive advantage in the industry."

The agreement ends a battle between Panalpina's shareholders and activist investors over the company's future.

The Ernst Goehner Foundation, which owns 46% of Panalpina, and Cevian Capital, which owns 12.3% of Panalpina, said they supported the deal.

"We welcome Panalpina's agreement with DSV and believe that this combination has good industrial logic and will strive to become the best company in the logistics industry," Cevian co-founder Lars Forberg said in a statement.

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