Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Panalpina Welttransport (Holding) AG    PWTN   CH0002168083

PANALPINA WELTTRANSPORT (HOLDING) AG

(PWTN)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Completion of DSV's Exchange Offer; Jens Bjørn Andersen appointed CEO and Jens H. Lund appointed CFO of Panalpina; Delisting of Panalpina's Shares

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/19/2019 | 12:20pm EDT

Completion of DSV's Exchange Offer; Jens Bjørn Andersen appointed CEO and Jens H. Lund appointed CFO of Panalpina; Delisting of Panalpina's Shares

Today, DSV A/S (DSV) has successfully completed the previously announced public exchange offer for all publicly held shares of Panalpina Welttransport (Holding) AG (Panalpina).

Pursuant to the Public Exchange Offer, Panalpina shareholders today received 2.375 DSV shares (with a nominal value of DKK 1 per share) for each Panalpina share. Fractional DSV shares have been settled in cash in CHF.

For U.S. shareholders, Bank Vontobel, acting as the Offer Manager, has initiated a vendor placement in accordance with the Swiss Offer Prospectus of 13 May 2019 with a view to sell the new DSV shares in the open market at prevailing prices and distribute the net cash proceeds, in CHF, of such sales (as well as the fractions) pro rata to each retail U.S. Shareholder, or person acting as agent, nominee, custodian, trustee or otherwise for or on behalf of a Retail U.S. Shareholder, entitled thereto.

With the conclusion of the settlement, the board of directors of Panalpina is from today composed of Kurt Kokhauge Larsen (Chairman) Jens Bjørn Andersen, Jens H. Lund and Thomas Stig Plenborg (members).

Today, CEO Stefan Karlen, CFO Robert Erni and CHRO Karsten Breum have resigned from their respective positions. The newly elected board has appointed Jens Bjørn Andersen as new CEO and Jens H. Lund as new CFO of Panalpina with immediate effect. Jens Bjørn Andersen and Jens H. Lund hold the similar positions in DSV A/S.The board has further resolved to downsize the Executive Board and to eliminate the position of Chief Human Resources Officer from it. The board of directors wishes to thank Stefan Karlen, Robert Erni and Karsten Breum for their long and loyal service to Panalpina - and in recent months for being welcoming and constructive in preparing the business and employees for the upcoming integration with DSV. Stefan Karlen and Robert Erni will continue to serve as members of the integration committee, with Jens Bjørn Andersen and Jens H. Lund.

The Board has taken note of DSV's decision to initiate the court procedure to cancel the remaining 1.54 % Panalpina shares in accordance with article 137 FMIA. The board has resolved today to delist the Panalpina shares from SIX Swiss Exchange. The board has also decided to request SIX Exchange Regulation to be released from certain publicity requirements.

In connection with the outstanding CHF 150 million bonds of Panalpina (ISIN: CH0447353696, "Bonds"), Panalpina currently expects that the change of control as a result of the acquisition of Panalpina shares by DSV will not trigger an investor put option under the terms of the Bonds absent any downgrading of DSV below BBB-. It is further intended that DSV will issue a guarantee for the payments under the Bonds in favor of the bondholders.

IMPORTANT ADDITIONAL INFORMATION

This announcement does not constitute or form part of any offer to exchange or acquire, or a solicitation of an offer to exchange or acquire, shares in Panalpina, or an offer to sell, acquire or offer, or a solicitation to sell, acquire or offer shares in DSV. This announcement is not a substitute for the (i) Swiss offer prospectus or (ii) listing prospectus for new DSV shares ((i) to (ii) collectively, the "Offer Documents"). No offering of securities shall be made in the United States except pursuant to a vendor placement or another applicable exception from the registration requirements pursuant to the U.S. securities laws.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE OFFER DOCUMENTS AND ALL OTHER RELEVANT DOCUMENTS THAT DSV OR PANALPINA HAS FILED OR MAY FILE WITH ANY SWISS OR DANISH REGULATOR WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.

The information contained in this announcement must not be published, released or distributed, directly or indirectly, in any jurisdiction where the publication, release or distribution of such information is restricted by laws or regulations. Therefore, persons in such jurisdictions into which these materials are published, released or distributed must inform themselves about and comply with such laws or regulations. Neither DSV nor Panalpina accepts or assumes any responsibility for any violation by any person of any such restrictions.

-ENDS-




Provider
Channel
Contact
EQS Group Ltd., Switzerland
switzerland.eqs.com


newsbox.ch
www.newsbox.ch


Provider/Channel related enquiries
cs.switzerland@eqs.com
+41 41 763 00 50
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PANALPINA WELTTRANSPORT (H
09/19Exemption from conditions for maintaining listing and approval of delisting o..
TE
09/17Ayme-Yahil to step down as Corporate Head of Marketing and Communications
TE
08/26Changes to Panalpina Executive Board
TE
08/23Changes to Panalpina Executive Board
TE
08/19Completion of DSV's Exchange Offer; Jens Bjørn Andersen appointed CEO and Jen..
TE
08/19DSV completes acquisition of Panalpina
TE
08/15Media conference on August 19, 2019
TE
08/15Analyst conference on August 19, 2019
TE
08/13DSV A/S releases definitive notice of the final result of the public exchange..
TE
08/08DSV A/S releases provisional notice of the final result of the public exchang..
TE
More news
Financials (CHF)
Sales 2019 -
EBIT 2019 -
Net income 2019 -
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -
Capi. / Sales2019 -
Capi. / Sales2020 -
Capitalization 5 234 M
Chart PANALPINA WELTTRANSPORT (HOLDING) AG
Duration : Period :
Panalpina Welttransport (Holding) AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PANALPINA WELTTRANSPORT (H
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
 
Mean consensus -
Number of Analysts
Average target price
Last Close Price 220,40  CHF
Spread / Highest target -
Spread / Average Target -
Spread / Lowest Target -
EPS Revisions
Managers
NameTitle
Jens Bjørn Andersen Chief Executive Officer & Director
Kurt Kokhauge Larsen Chairman
Jens Hesselberg Lund Chief Financial Officer & Director
Ralf Morawietz Chief Information Officer
Thomas Stig Plenborg Director
Sector and Competitors
1st jan.Capitalization (M$)
PANALPINA WELTTRANSPORT (HOLDING) AG66.56%5 250
KUEHNE + NAGEL INTERNATIONAL AG17.89%18 232
YUNDA HOLDING CO LTD--.--%10 900
STO EXPRESS CO LTD--.--%4 961
NIPPON EXPRESS CO., LTD.-5.21%4 915
HYUNDAI GLOVIS CO LTD--.--%4 759