DSV Takes Lead in Bidding for Deutsche Bahn Schenker
By Adam Whittaker and Nina Kienle
Danish logistics company DSV has entered talks to buy Deutsche Bahn's logistics business Schenker, according to a person familiar with the sales process, edging out for now a consortium formed by CVC Capital Partners and the sovereign-wealth funds of Abu Dhabi, Qatar and Singapore.
The talks between DSV and the German state railway may not lead to a deal, and the process remains open to other suitors, according to this person. A consortium led by private-equity firm CVC and with Abu Dhabi Investment Authority, Qatar Investment Authority and Singapore's GIC as partners made a rival offer.
A spokesperson for the German state railway said information on the outcome of the sale process would be provided in due course.
Reuters on Wednesday reported that DSV won the bidding for Deutsche Bahn Schenker, in a deal valued at about 14 billion euros ($15.42 billion).
Shares in DSV rose Thursday on the report, jumping 8.4% to 1,354 Danish krone in afternoon trading.
Deutsche Bahn started the sale process of Schenker in December to focus on its core business and reduce debt.
Write to Adam Whittaker at adam.whittaker@wsj.com and to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
September 12, 2024 09:58 ET (13:58 GMT)
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