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DSV (DSVDC; A3/A-; S) Fight continues on ~€14b bid for DB Schenker

TRANSPORTATION

Bloomberg has now seen a letter sent by CVC today to Deutsche Bahn's management appealing for the logistics unit including and offering;

  • DB to invest €1b and keep a 25% stake and
  • Guarantees €2-2.5b in proceeds from the above when CVC eventually exits (unclear if this is the total value of stake at exit or returns, assume former)
  • Alternative offer it says values co at €16b vs. standalone offers from both at around €14b

Some of the above details we already reported last month - and since then we have heard Deutsche Bahn was preferring DSV's bid. We would not read too much into headlines and continue pricing the coin-toss odds of DSV supply. Pro-forma leverage will move from current net 1.8x to 3.8x on full debt funding. Rating action will depend on deleveraging targets from there but could be held off.

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