Panalpina investor Artisan Partners against large acquisition, poison pill (translated)
20 FEB 2019
Panalpina [SWX:PWTN] 12% shareholder Artisan Partners does not believe a major acquisition would aid the group, Finanz und Wirtschaft reported. Artisan Managing Director David Samra told the Swiss bi-weekly that a major acquisition as a defensive step or a poison pill is not a well thought-out strategy and will not help solve Panalpina's problems, adding that large buys rarely create value.
Samra said he encourages the Panalpina board to review how value can be increased for the group and its shareholders.
Asked about the potential deal with Kuwaiti group Agility, Samra said it would be complex as a majority of Agility's profits come from the infrastructure business and not from freight logistics, making it unclear what a deal might look like.
Asked if he would sell his stake to Panalpina's 46% shareholder Ernst Göhner Foundation or another bidder for CHF 170 or CHF 180 per share if the bidder offered to buyout the other shareholders, Samra said he would prefer a buyer offering cash as this is tax efficient.