DSV

Supply chain radar: Squared circles – what if CMA CGM goes for Panalpina, and DSV is left out?

From CMA CGM vs DSV to CEVA Logistics vs Panalpina – and beyond, is a very small step for me, because if CMA CGM is just half as good as I think it is, despite all the consolidation talk led by the freight forwarders, the French carrier will likely be the one that surprises us all again in 2019, one way or another.
Signs
Maybe I read too much into the Monday events. But it was …

The post Supply chain radar: Squared circles – what if CMA CGM goes for Panalpina, and DSV is left out? appeared first...

https://theloadstar.co.uk/supply-chain-radar-squared-circles-what-if-cma-cgm-goes-for-panalpina-and-dsv-is-left-out/

Ceva stays bullish after a ‘year of change’, but its future remains unclear

As Panalpina’s key shareholder, the Ernst Göhner Foundation rejected the “current” non-binding proposal from DSV, all eyes turned to Ceva Logistics.
But Ceva is also caught in the mist of speculation over its future, as it announced its preliminary financial results for 2018. 
The release was offered “in the context of the launch of a proposed offering of $825m”, related to the likely change of control stemming from CMA CGM’s public tender offer. 
While there …

The post Ceva stays bullish after...

https://theloadstar.co.uk/ceva-stays-bullish-after-a-year-of-change-but-its-future-remains-unclear/

Supply chain radar: ‘Maybe it is all a show’ – Panalpina’s largest shareholder rejects DSV’s Sfr170 a share proposal

Here is a quick back-and-forth chat with my source Mr Arbitrageur after news emerged on Monday that the Ernst Göhner Foundation, “Panalpina’s largest shareholder representing approximately 46% of the total share capital, informed the board of directors that it does not support the current non-binding proposal from DSV and that it supports Panalpina’s board of directors in pursuing an independent growth strategy that includes M&A.”
“According to its fiduciary duties the board …

The post Supply...

https://theloadstar.co.uk/supply-chain-radar-maybe-it-is-all-a-show-panalpinas-largest-shareholder-rejects-dsvs-sfr170-proposal/

Panalpina’s largest shareholder disapproves DSV offer

Panalpina confirms that the Ernst Göhner Foundation, Panalpina’s largest shareholder representing approximately 46% of the total share capital, informed the Board of Directors that it does not support the current non-binding proposal from DSV and that it supports Panalpina’s Board of Directors in pursuing an independent growth strategy that includes M&A.

According to its fiduciary duties the Board of Directors of Panalpina continues to carefully review the situation with its professional...

http://container-news.com/panalpina-largest-shareholder-disapproves-dsv-offer/

Supply chain radar: Possible scenarios after DSV’s Sfr4bn takeover of Panalpina

One sometimes has to abandon trying to add value to a particular debate because even if you achieve your very best, you cannot match the insights of your executive industry sources.
It happened to me this week.
Allure & premium
While delving into the synergy potential of the combined DSV+Panalpina (PAN) entity, aiming to get more than Dkr1bn out of the combined entity, excluding tax considerations, I became embroiled in separate conversations with two of the …

The post Supply chain radar:...

https://theloadstar.co.uk/supply-chain-radar-possible-scenarios-after-dsvs-sfr4bn-takeover-of-panalpina/

Supply chain radar: CH Robinson opens a crucial earnings season next week

A crucial earnings season begins next week for the companies on our radar.
As global supply chains are challenged by regionalisation and vertical integration of services and digitisation, among other exogenous factors, the fundamentals of most asset-light firms are a delicate margins-vs-volumes balancing act. Meanwhile, the container shipping companies and integrated logistics providers are, respectively, in transition mode and in a state of flux.
The spotlight next week, 29 January, will fall …

https://theloadstar.co.uk/supply-chain-radar-ch-robinson-opens-a-crucial-earnings-season-next-week/

Kuehne + Nagel bows out of ‘hopelessly overvalued’ Panalpina deal

DSV’s €3.5bn offer for Panalpina is a step too far for Kuehne + Nagel. Majority K+N shareholder Klaus-Michael Kuehne told the Handelszeitung paper, in rather a nice comment: “If the Danes absolutely want to buy a hopelessly overvalued Panalpina, then you can’t prevent it.” And according to Reuters he said its “operative potential” did not match its valuation.
However, that does not appear to be preventing Panalpina from seeking a higher …

The post Kuehne + Nagel bows out of ‘hopelessly...

https://theloadstar.co.uk/kuehne-nagel-bows-out-of-hopelessly-overvalued-panalpina-deal/

Supply chain radar: Panalpina bond note on Tuesday by UBS? The Swiss 3PL is shopping the business…

Possible conflict of interest considerations aside – here is an initiation note by UBS on Panalpina (PAN), dated 23 January – there are reasons to be cheerful about the DSV + Panalpina affair.
Reading the signs 
For the record, our sources have confirmed that UBS is involved, advising Panalpina on DSV’s Sfr4bn bid. A few investors have told me that it would be strange if UBS was not restricted from coverage, which …

The post Supply chain radar: Panalpina bond note on Tuesday by UBS? The Swiss...

https://theloadstar.co.uk/supply-chain-radar-panalpina-bond-note-on-tuesday-by-ubs-the-swiss-3pl-is-shopping-the-business/

DSV-Panalpina deal could get ‘messy’ as the offer is considered

A response to DSV’s Sfr170 per share bid for Panalpina is expected on Friday – but analysts and investors are increasingly asking who, exactly, will respond.
Last week’s news that DSV was looking to buy the Swiss 3PL triggered a flurry of talk about the deal, while Panalpina issued a simple statement saying it was considering the merits of the offer.
However, crucially, there has as yet been no response from the …

The post DSV-Panalpina deal could get ‘messy’ as the offer is considered appeared...

https://theloadstar.co.uk/dsv-panalpina-deal-could-get-messy-as-the-offer-is-considered/

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