I am afraid this is a quick and dirty take with no numbers at all today – thank God is Friday, as my brain and calculators can barely cope with all the different scenarios I have investigated in the past 48 hours. The key takeaway?
DSV + Panalpina is going to happen, but spare a thought for CMA CGM...
Between CEVA Logistics and Panalpina, DSV perhaps chose the lesser evil, but the story within the story here is that the Danish company is very likely to outbid K+N for Panalpina under ‘any scenario’, according to most of my market sources, if K+N ever decides to engage in a bidding war.
Deal in the making
The foundation that controls ~ 46% of Panalpina is taking its time to decide what to do with …
The post Supply chain radar: a Sfr200 a share bid for Panalpina? DSV (in) vs K+N (out) appeared...
https://theloadstar.co.uk/supply-chain-radar-a-sfr200-a-share-bid-for-panalpina-dsv-in-vs-kn-out/
Here are some calculations based on DSV’s Sfr4bn proposal for Panalpina announced on Wednesday, and what it means for the Swiss company’s key shareholder – the Ernst Göhner foundation, which controls 45.9% of the target’s equity capital.
The numbers I ran suggest that, based on the Danish group’s initial approach, the Ernst Göhner foundation would retain a stake of about 7.7% in the combined DSV + Panalpina entity.
Crucially, Panalpina pays out hefty dividends …
The post Supply chain radar: Here...
Klaus-Michael Kuehne is taking it personally, according to several market rumours, so I asked Mr Harper, a senior M&A market guru, what he made of the possibility of DSV losing out to Kuehne + Nagel in its pursuit for Panalpina.
When, in November, I wrote about a bidding war in the making for CEVA Logistics, (valued in the same ballpark as Panalpina, but with a fundamentally different capital structure) the part I …
The post Supply chain radar: Panalpina takeover – here comes the bidding war...
https://theloadstar.co.uk/supply-chain-radar-panalpina-takeover-here-comes-the-bidding-war/
Money never sleeps.
Market sources say that Denmark’s freight forwarding and contract logistics company DSV made a formal offer today to take over Swiss 3PL Panalpina. A formal announcement is expected to be made on Wednesday, when the financial markets open.
The price of the offer is the only detail that emerged earlier today, but the full details (structure/funding) were not disclosed. At this stage, it’s unknown whether the board of Panalpina plans …
The post Supply chain radar: DSV bids for...
https://theloadstar.co.uk/supply-chain-radar-dsv-bids-for-panalpina/
I had yet to be born in the early 1970s, when Hans Willam (pictured above), chairman of WCL Worldwide Consultants in Logistics GmbH, Germany, already had a few years under his belt in logistics, working for Swiss 3PL Kuehne + Nagel (K+N), the undisputed ocean freight market leader with over 4m teu shipped worldwide.
I asked Mr Willam to break down his experience over four decades – the changes he witnessed and what …
The post Market Insight: Q&A with Hans Willam – lessons from 45 years’...
Sunday’s news that trade data for China was below consensus estimates put more pressure on the sagging stock prices of the major logistics companies when trade resumed on Monday, with Germany’s Hapag-Lloyd being the biggest loser around lunch time (GMT).
Since I wrote that its shares were priced to perfection at about €36.5 in late August, Hapag-Lloyd has shed 36% of value. It now trades close to a 52-week low of …
The post Supply Chain Radar: Bloody Monday for Hapag-Lloyd appeared first on The...
https://theloadstar.co.uk/supply-chain-radar-bloody-monday-for-hapag-lloyd/
After the purchases in less than a year of Denmark’s Unifeeder and Cosmos Agencia Marítima in Peru, DP World is shelling out half a billion US dollars to acquire Chilean ports operator Puertos y Logistica (Pulgosa).
The M&A tally, if as is likely the Pulgosa deal goes though – the “transaction is subject to relevant third party consents and is expected to close in the first half of 2019” – is about $1.5bn ($315m …
The post Supply chain radar: Another deal for DP World, which is on a roll...
https://theloadstar.co.uk/supply-chain-radar-another-deal-for-dp-world-which-is-on-a-roll/
In most of the conversations I have daily with container shipping sources, consensus is that the magic five – Maersk Line, MSC, Cosco Shipping, CMA GCM and Hapag-Lloyd – will unlikely entertain bold M&A moves this year, unless the right opportunities emerge.
The outlook for this battered industry remains downbeat, in my view, despite lower oil prices (which have started to rally again, after bottoming before Christmas) which may not provide relieve anymore.
In …
The post Supply chain radar: five...
https://theloadstar.co.uk/supply-chain-radar-five-container-shipping-targets-in-2019/
“Panalpina in serious negotiations for a sizeable takeover”– Mr Benchmark.
I do not believe Swiss 3PL Panalpina is ready to grow inorganically by striking a large deal, such as one worth $1bn or more.
M&A could easily backfire, given likely execution risk, as large acquisitions are not in its DNA. Still without clear board leadership, it could self-harm its market valuation, if investors, as is likely, don’t digest a sizeable deal.
Surely, it is …
The post Market insight – is Panalpina readying...
https://theloadstar.co.uk/market-insight-is-panalpina-readying-for-acquisitive-growth/