Homburger advised Ernst Göhner Foundation in the agreement of DSV and Panalpina to join forces

On April 1, 2019, DSV A/S (CPH: DSV) and Panalpina Welttransport (Holding) AG (SIX: PWTN) announced that they have reached an agreement on the terms and conditions of a combination by way of a public exchange offer to all Panalpina shareholders. The exchange offer is recommended by the Panalpina board of directors. Ernst Göhner Foundation, Panalpina’s 46% anchor shareholder, has given an undertaking to tender in the public exchange offer.

Pursuant to the public exchange offer, DSV will offer 2.375 DSV shares (with a nominal value of DKK 1 per share) for one Panalpina share. The transaction has an enterprise value of approximately CHF 4.6 bn on the basis of the closing price of DSV and the DKK:CHF exchange rate prior to announcement.

Homburger AG advised Ernst Göhner Foundation in this transaction. The team was led by partners Daniel Daeniker and David Oser (both Corporate / M&A) and comprised associates Daniel Häusermann and Rafael Zemp, junior associates Marius Meier, Dilan Inkaya and Joel Schmidt (all Corporate / M&A) as well as partner Stefan Oesterhelt (Tax).