Panalpina likely to become takeover candidate after Chairman Ulber exit
Panalpina [SWX:PWTN] is more likely to become a takeover candidate following the decision of Chairman Peter Ulber to not stand for re-election in 2019, Finanz und Wirtschaft reported. The Swiss bi-weekly cited bank analysts who said Ulber's exit increases probability that Panalpina will become a takeover target, and noted that the Panalpina share price increased by up to 8% following Ulber's announcement.
Cevian co-founder Lars Förberg told the paper said he welcomes Ulber's resignation calling it the logical consequence of years of under-performance. Förberg said the board now has to take the group's new strategic direction into its own hands.
Cevian is the third largest shareholder with 12% behind Ernst Göhner Stiftung (46%), and US investment group Artisan Partners (14.5%) and has been represented on the board since 2011, first by Förberg and for the last five years by Ilias Läber, the report stated.
The original article was published today on page 6.