Here are some calculations based on DSV’s Sfr4bn proposal for Panalpina announced on Wednesday, and what it means for the Swiss company’s key shareholder – the Ernst Göhner foundation, which controls 45.9% of the target’s equity capital.
The numbers I ran suggest that, based on the Danish group’s initial approach, the Ernst Göhner foundation would retain a stake of about 7.7% in the combined DSV + Panalpina entity.
Crucially, Panalpina pays out hefty dividends …

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Source: The Loadstar