Big is beautiful and scale is important, says DSV CEO Jens Bjørn Andersen following the announcement that DSV will acquire the major US-based logistics group UTi Worldwide for USD 1.35 billion.
DSV was already negotiating an acquisition of UTi in December last year, but the talks quickly disintegrated. In the meantime, the market value of UTi Worldwide has been tumbling down, and the company has delivered several disappointing interim reports in which sliding volumes in air and sea freight as well as the exchange rate have made things tough for the company.
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