K + N expresses interest as Panalpina shareholders clear the way
On the heels of its acquisition of Quick International Courier, Kuehne + Nagel is in the news once again with a Rueters interview in which K + N Chief Executive, Detlef Trefzger, stated that he was always “ready to talk”, when asked about his company’s plans to acquire smaller Netherlands-based rival, Panalpina.
However, Trefzger went on to add he was not interested in a hostile takeover and would only consider it if both sides were amiable to the deal.
Kuehne & Nagel had sales of $18.7 billion in 2017, while Panalpina’s revenue stood at $5.5 billion the same year.
Panalpina has been a takeover target in the logistics industry since 2017 with Geodis, XPO Logistics, and Kuehne + Nagel as most likely bidders.
Trefzger’s recent remarks have once again brought takeover talks into focus.
For its part, Panalpina has seen some recent flux in its top management with Chairman, Peter Ulber announcing that he would not stand for re-election in 2019.
Ulber’s announcement followed Panalpina’s second largest shareholder, Sweden’s Cevian demanding that Ulber step down after accusing him of blocking merger talks.