DSV Panalpina has changed its name. The new brand is the old one: DSV A/S. Today’s decision (08SEP21) of the DSV shareholders also means the end of the name Panalpina, after 86 years of existence.
“DSV Panalpina A/S becomes DSV A/S.” This is the headline of today's press release (08SEP21) aired by DSV’s communications department from the logistics giant’s headquarters in Hedehusene near Copenhagen, Denmark. The announcement follows a decision taken by the company’s shareholders during an extraordinary general meeting. With this, the name of Panalpina is history; surely a sad day for thousands of Panalpinists who worked for the company prior to its takeover by DSV in 2019.
“The timing is right for a name change”
With the DKK 30 billion (4,03 bn euros) acquisition of Agility’s Global Integrated Logistics business (GIL), which was finalized on 16AUG21, DSV will undergo its most significant change of the business since the acquisition of Panalpina in 2019, the release outlines. “With this change, the timing is right to change the name of the parent entity back to DSV A/S, and secure brand consistency across all markets and operations.”
Further to this, DSV has welcomed Tarek Sultan Al-Essa to the Board of Directors. The executive is currently the Vice Chairman of Agility and at the same time, he holds positions as a member of the Board of Trustees, Kuwait’s Silk City and Boubyan Island Development Project. As part of the all-share acquisition of GIL, in which Agility Warehousing Company KSCP (Agility) has become a large shareholder of DSV, it was decided to nominate a representative from Agility to the Board of Directors.
More acquisitions to come
At the meeting, the management announced that the adopted growth strategy of mergers & acquisitions will be continued. It is a part of DSV’s genes and “has been the foundation for creating significant value for our shareholders. We believe that the freight forwarding industry will continue the consolidation and it is our continued strategy to actively take part in this.”
For this purpose, the shareholders have authorized the Board of Directors to increase the share capital with and without pre-emptive rights, by a nominal amount of up to DKK 48,000,000, corresponding to 20% of the Company’s share capital, in the
period until 8 September 2026. A renewal of the authorization to issue up to 20% additional share capital will reaffirm the Board of Directors’ strong mandate to execute in future M&A negotiations. “A strong mandate provides leverage and flexibility for DSV’s management in negotiations and reduces the transactional risk, thus increasing the likelihood of a continued successful execution of our M&A strategy,” states the Board of Directors.
Trotting all over the world
On 07SEP21, DSV also launched its latest air charter network route "Globetrotter", which flies around the world in a lot less than 80 days, all year around, deploying a B747 nose-load freighter. Linking Chicago (RFD), Viracopos (VCP), Hong Kong, (HKG), Zhengzhou (CGO), and Istanbul (IST) with Liege (LGG), the offering connects 4 continents. With this expansion, open to various special cargo commodities such as Pharma, Big, and Dangerous Goods, DSV promotes smooth, in-house ground-handling and reliable capacity access to China at a time when certain routes and airports (Shanghai) are suffering serious constraints.
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