Insights | Schellenberg Wittmer

On 19 August 2019, DSV A/S, Hedehusene, Denmark, announced the successful completion of its previously announced CHF 5.1 billion public exchange offer for all publicly held shares of Panalpina Welttransport (Holding) AG, Basel, Switzerland (listed at SIX Swiss Exchange). The combined DSV-Panalpina Group is one of the world's largest transport and logistics companies with a pro forma revenue of approx. 17.2 billion and a workforce of 60,000 employees in 90 countries.

Pursuant to the public exchange offer, Panalpina shareholders received 2.375 DSV shares (listed at NASDAQ Copenhagen) for each Panalpina share. As a consequence of the successful completion of the public exchange offer, the Panalpina shares will be delisted and the remaining 1.56% untendered Panalpina shares will be cancelled in accordance with a customary squeeze-out procedure.

Schellenberg Wittmer acted as legal advisor to Panalpina and its board of directors. The core team included Martin Weber, Lorenzo Olgiati, Pascal Hubli, Christian Bonhôte and Karin Mülchi (all Corporate/M&A), David Mamane, Amalie Wijesundera and Eva Peter (all Competition) and Michael Hess (Employment).