European logistics companies DSV, Frans Maas to merge
Danish logistics outfit DSV A/S will take over Dutch forwarding, trucking and logistics service group Frans Maas, creating a pan-European business with revenue of 4.1 billion euros ($5 billion), 19,000 employees and operations in more than 50 countries, the two companies said. The news is not a surprise, as the companies acknowledged in December that merger talks were underway.
DSV said it will make an all-cash offer of about 38 euros per share to Frans Maas stockholders, and assume debt, for an estimated purchase price of 433 million euros ($524 million). The Frans Maas board recommended that shareholders accept the offer.
“This merger will allow Frans Maas to unlock the value of its excellent transport and logistics network, in which we have invested heavily,” said Frans Maas chairman Arvid Manneke, in a statement. “The envisaged transaction will provide us with the volumes we need for our network in order to increase profitability, expand our logistics services and secure the long-term continuity of our operations.”
Frans Maas has a strong road network in Central, Eastern and Southern Europe.
European logistics companies DSV, Frans Maas to merge
