All conditions and requirements of the transaction of Panalpina have now been met. DSV expects to settle the previously announced public exchange offer for all publicly held shares of Panalpina. Settlement will be carried out during the course of August 19th in accordance with Swiss market practices.
With the settlement, the previously announced board changes in Panalpina will come into effect: Kurt Kokhauge Larsen will be Chairman, and Jens Bjørn Andersen, Jens H. Lund and Thomas Stig Plenborg will be members of the Panalpina board, giving DSV full control over Panalpina.
Excluding the impact from IFRS 16, the Enterprise Value of the transaction is approximately CHF 5.1 billion corresponding to DKK 35.1 billion. Including IFRS 16 impact, the enterprise value is approximately CHF 5.4 billion corresponding to DKK 37.0 billion.
Panalpina operates in 70 countries with 14,500 employees. The merger will generate a pro forma turnover of approximately DKK 118 billion and a workforce of 60,000 employees in 90 countries.
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 name and brand.
