DSV A/S’s CHF 4.6 Billion Merger With Panalpina Welttransport (Holding) AG

Bär & Karrer, Moalem Weitemeyer Bendtsen, Homburger AG, Schellenberg Wittmer and Skadden Arps Slate Meagher & Flom advised DSV A/S on the deal.

Danish logistics firm DSV A/S and Panalpina Welttransport (Holding) AG, Zurich, Switzerland, have entered into an agreement on the terms and conditions of a combination by way of a public exchange offer by DSV for all publicly held registered shares of Panalpina for approximately CHF 4.6 billion.

The board of directors of Panalpina has resolved to support the public exchange offer by DSV and to recommend the acceptance of DSV’s public exchange offer to its shareholders.

Panalpina’s three major shareholders, who in total hold approximately 70% of the share capital in Panalpina, have committed to tender their Panalpina shares into the exchange offer.

Ernst Göhner Foundation, Panalpina’s 46% anchor shareholder, has given an undertaking to tender in the public exchange offer.

The merger, still subject to shareholder and regulatory approval, will create a $17bn revenue global freight forwarder handling 1.5m tonnes of airfreight per year.

UBS Group AG was the lead adviser to Panalpina while DSV is being advised by JPMorgan Chase & Co. Goldman Sachs Group Inc. worked with the Ernst Goehner Foundation.

Bär & Karrer is acting as Swiss counsel of DSV in connection with the public exchange offer, while Moalem Weitemeyer Bendtsen acts as Danish counsel and Skadden Arps Slate Meagher & Flom as US and international counsel of DSV.

The Bär & Karrer team includes Eric Stupp (picture), Mariel Hoch, Fabienne Perlini, Florentin Weibel, Martin Peyer and Monika Maric (all M&A), Thomas U. Reutter and Annette Weber (both Capital Markets), Susanne Schreiber (Tax), Mani Reinert (Antitrust) and Laura Widmer (Employment).

Skadden Arps Slate Meagher & Flom advised DSV on the deal with a team led by partners Denis Klimentchenko and Frederic Depoortere.

Homburger AG advised Ernst Göhner Foundation in this transaction with a team 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).

Schellenberg Wittmer acted as legal advisor to Panalpina and its board of directors with a team led by Martin Weber, Lorenzo Olgiati, Pascal Hubli, Christian Bonhôte and Karin Mülchi (all Corporate/M&A), David Mamane, Amalie Wijesundera and Eva Peter (all Competition) and Michael Hess (Employment).

Involved fees earner: Mariel Hoch – Bär & Karrer; Monika Maric – Bär & Karrer; Fabienne Perlini-Frehner – Bär & Karrer; Martin Peyer – Bär & Karrer; Mani Reinert – Bär & Karrer; Thomas Reutter – Bär & Karrer; Susanne Schreiber – Bär & Karrer; Eric Stupp – Bär & Karrer; Annette Weber – Bär & Karrer; Florentin Weibel – Bär & Karrer; Laura Widmer – Bär & Karrer; Daniel Daeniker – Homburger; Daniel Häusermann – Homburger; Dilan Inkaya – Homburger; Marius Meier – Homburger; Stefan Oesterhelt – Homburger; David Oser – Homburger; Joel Schmidt – Homburger; Rafael Zemp – Homburger; Christian Bonhôte – Schellenberg Wittmer; Michael Hess – Schellenberg Wittmer; Pascal Hubli – Schellenberg Wittmer; David Mamane – Schellenberg Wittmer; Karin Mülchi – Schellenberg Wittmer; Lorenzo Olgiati – Schellenberg Wittmer; Eva Peter – Schellenberg Wittmer; Martin Weber – Schellenberg Wittmer; Amalie Wijesundera – Schellenberg Wittmer; Frederic Depoortere – Skadden Arps Slate Meager & Flom; Denis Klimentchenko – Skadden Arps Slate Meager & Flom;

Law Firms: Bär & Karrer; Homburger; Schellenberg Wittmer; Skadden Arps Slate Meager & Flom;

Clients: DSV AS; Ernst Göhner Foundation; Panalpina Welttransport (Holding) AG;