Panalpina has rejected a takeover bid by DSV after its largest shareholder informed the board of directors that it does not support the proposal.

DSV made an unsolicited and non-binding proposal to acquire Panalpina for 170 Swiss francs per share through a mix of cash and shares on 16 January.

When making the offer, DSV said combining the two companies would create a “leading global transport and logistics company with significant growth opportunities and potential for value creation”.

Panalpina’s largest shareholder, the Ernst Goehner Foundation, which represents 46% of the total capital share told the board of directors it does not support the proposal and it supports the board in pursuing an independent growth strategy that includes mergers and acquisitions.