Panalpina announces new plan for IPO

Panalpina announces new plan for IPO    Panalpina confirmed it is planning an initial public offering again, three years after the large, privately held Swiss forwarding and logistics group shelved its previous plan to enter the stock market.
   Panalpina said it is considering going public on the “SWX” Swiss exchange by the end of this year. “The Ernst Goehner Foundation, which owns 100 percent of the shares of Panalpina World Transport (Holding) Ltd., intends to place a majority of Panalpina’s shares in the public,” the company said in a statement.
   World stock markets have improved since 2002, when Panalpina abandoned its previous IPO plan, cited unfavorable stock market conditions. “This time, the situation is much more positive,” a Panalpina spokesman said Wednesday.
   “Panalpina’s intention to go public is part of its strategy to establish a broader basis for its future growth into new segments and markets,” the Swiss group said. The preparations, which are scheduled to take place during the next months, should enable Panalpina to enter the stock market this year, the company said. Panalpina has appointed Credit Suisse First Boston as lead manager for the offering.
   As one of the world’s largest freight forwarders, Panalpina will likely join Expeditors International, Kuehne + Nagel, Exel, EGL and Sinotrans among the forwarder heavyweights on international stock market. Sinotrans completed its IPO in the Hong Kong stock exchange in 2003.
   Panalpina has annual revenues of more than $5 billion.