Panalpina wants to stay independent
26 NOV 2018
Panalpina (PWTN.S), the Swiss transport and logistic company that has attracted the interest of rival Kühne + Nagel [SWX:KNIN], would prefer to remain an independent entity, a newswire reported citing a statement on Sunday.
A Panalpina spokesman said that the CHF 3.34bn-market-cap company’s management board intends to maintain the business as an independent concern, Reuters said. The spokesman did not confirm whether Kühne + Nagel had made an approach.
Detlef Trefzger, CEO of Kuehne & Nagel, said in an interview with Swiss paper Finanz & Wirtschaft that the company was willing to discuss a deal with Panalpina, the item noted.
Panalpina is facing shareholder discontent over its stock value, the report noted. Its second-largest investor, the Swiss entity Cevian, called for Chairman Peter Ulber to stand down after accusing him of hampering talks about a potential merger.
Link to original source.