Today, 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 today 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.
CEO Jens Bjørn Andersen comments: ”We are very excited to welcome Panalpina’s customers, employees and shareholders to DSV. Our two companies will achieve more together, creating even more value for all our stakeholders. The settlement of the deal marks the beginning of the integration process, during which we will strive to provide the high level of service our customers know and rely on.”
Panalpina is among the globally leading providers of supply chain solutions with approximately 14,500 employees in 70 countries. The combination with DSV creates one of the world’s largest transport and logistics companies with a pro forma revenue 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.
Today marks the kick-off for the integration process, starting with the intended appointment of CEO Jens Bjørn 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. The entire integration period is expected to take 2-3 years, with most of the operational integration being completed within two years.
< Korea Shipping Gazette >