DSV, CVC seen as lead contenders for Schenker after Maersk drops
DSV A/S and CVC Capital Partners Plc are seen as the leading contenders for Deutsche Bahn AG’s logistics unit DB Schenker after AP Moller-Maersk A/S dropped out of the running, according to people familiar with the matter.
Binding bids are expected to be submitted in August, the people said, asking not to be identified because the information is private. CVC has offered to let the German government or related fund keep around a 20% stake in the unit and benefit from any future upside, according to the people.
Rival bidder DSV could link DB Schenker into its freight forwarding technology system, seen as one of Europe’s largest platforms, the people said. The Danish company has made a number of acquisitions in recent years, often raising the group’s combined profit margins once a takeover is digested.
A third suitor — Saudi shipping company Bahri — put in one of the highest offers in the most recent round of bidding, the people said, though it’s unclear if it will make a final proposal by the upcoming deadline.
Some non-binding bids came in above €15 billion, Bloomberg News reported earlier. CVC, which has teamed up with GIC Pte and the Abu Dhabi Investment Authority, placed a bid of around €14 billion, people with knowledge of the matter have said.
Maersk announced earlier Monday it withdrew from the bidding, confirming an earlier Bloomberg News report. Bernstein said in a research note that Maersk’s departure from the process strengthens DSV’s hand in a potential deal, saying there’s now a roughly 85% of
