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Kuehne+Nagel withdraws from Panalpina bidding war

According to Bloomberg, Kuehne+Nagel is withdrawing from the race to buy Panalpina, which DSV submitted an offer for last week. Panalpina is allegedly considering rejecting DSV's offer.

DSV's stock is skyrocketing on the Danish stock exchange Thursday morning, and that may be because Swiss Kuehne+Nagel seems to have withdrawn from the bidding war on Panalpina after DSV placed an offer on the company last week.

In any case, Bloomberg News, citing a story from Swiss newspaper Handelszeitung, writes that Kuehne+Nagel does not consider the current operational development and valuation of Panalpina to be a good match.

Kuehne+Nagel's hesitance may improve DSV's chances of acquiring Panalpina and investors have subsequently boosted DSV's stock on the stock exchange by 3 percent Thursday morning, putting it at DKK 540,70 (USD 82.3).

Yesterday, Bloomberg News wrote that Swiss Panalpina allegedly considered rejecting the offer, according to unnamed sources speaking to media The Loadstar. Panalpina declined to comment on the story to Bloomberg News.

English Edit: Ida Jacobsen

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