Kuehne Nagel to wave at Panalpina
However the takeover target company states it is keen to remain independent
Kuehne & Nagel is willing to talk with Panalpina about a potential takeover of its smaller rival, it was confirmed by Chief Executive Detlef Trefzger to Swiss financial press, however making some clarifications: “We won’t do a hostile takeover, we are actively pursuing deals within the fragmented logistics industry that bring new technology, access to markets and customer segments, and synergies that add additional volume.
Kuehne & Nagel had sales of 18.6 billion francs last year, while Panalpina’s revenue were $5.5 billion.
Panalpina’s leadership is in flux amid a shareholder revolt that followed a drop of its stock price since the start of the year; anyway, its chairman, Peter Ulber, said he would not stand for re-election next May, a move that came after Panalpina’s second-largest investor, Sweden’s Cevian (with 12.3%), had demanded he step down after accusing him of blocking merger talks.
Its largest shareholder, Ernst Goehner Foundation with 46%, followed Ulber’s resignation with a statement supporting an independent chairman to fill the post.
However, Panalpina in a separate statement clarified it wants to remain an independent company. “Our company’s growth strategy involves making its own acquisitions in the highly fragmented logistics sector, and Panalpina is now in a good position to leverage its global platform. There are a number of interesting market opportunities, the company said.