DSV expects Panalpina deal to complete in Q3 as profits rise

DSV expects to close its takeover of Panalpina by the end of the third quarter of this year.In its first quarter results, Denmark-based freight forwarder DSV revealed its expected timeline for its $4.6bn takeover of Panalpina.In May, DSV will file its planned share purchase with the relevant authorities, announce its public exchange offer and push for shareholder approval of the capital increases needed to fund the takeover.In June, the listing prospectus will be published, in July DSV hopes the tender offer will be accepted and then regulatory approvals will be obtained and conditions fulfilled. Finally, the settlement is expected in the third quarter.The merger will create a $17bn revenue global freight forwarder handling 1.5m tonnes of airfreight per year.Meanwhile, the company saw first-quarter revenues increase by 8.7% year on year to Dkr20bn, earnings before interest and tax (ebit) was up 25.8% to Dkr1.4bn and net profit increased 25.2% to Dkr963m.Revenue growth was driven by improvements in air and sea volumes and higher average rates per shipment, as well as extra workings days due to the timing of Easter.