Takeover could create new market leader in global shipping
If the planned takeover of Global Integrated Logistics (GIL) by DSV Panalpina is finalized, the Danish group will probably become the largest global forwarder in the maritime and aviation market – writes the Danish portal transportmagasinet.dk, citing the Transport Intelligence (TI) analysis.
In TI’s analysis, the market leaders are Kuehne + Nagel, with revenues of EUR 11.5 billion, and DHL Global Forwarding, with a turnover of EUR 10.9 billion. DSV Panalpina is just behind the aforementioned two, taking the lowest step on the podium.
However, the top three places could be shuffled soon. In April, DSV Panalpina signed a takeover agreement with the Kuwait logistics group Agility and its subsidiary GIL. The target of the acquisition is 12th in TI’s ranking. This acquisition will thus make DSV Panalpina the undisputed market leader in forwarding.
According to TI calculations, quoted by transpormagasinet.dk, DSV Panalpina has a 6.3% share in the global shipping market , while GIL has 1.7%.
The authors of the report point out, however, that a combined company is not always the sum of two parts. As they emphasize, the results of the fourth quarter of 2020, which was the first in which the integrated DSV Panalpina operated, showed that the combined company had lower revenues than the individual components before the integration
As was announced when signing the GIL takeover agreement, DSV Panalpina hopes that the transaction will be finalized in Q3 2021.
Photo credit: DSV