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DSV (DSVDC; A3/A-; S) Reports it has won ~€14b bid for DB Schenker

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Reuters reportedlate yesterday that DSV had won the bid citing Deutsche Bahn and German government internal sources. Deal will still require DB supervisory board approval and contract yet to be signed.

€12.8b cash short-fall, net leverage will move from 1.8x to 3.8x, rating action uncertain but we would price to BBB+ (belly of curve prices BBB already) and margin dilutive but co is a seasoned M&A operator.

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Reuters reportedlate yesterday that DSV had won the bid citing Deutsche Bahn and German government internal sources. Deal will still require DB supervisory board approval and contract yet to be signed.

€12.8b cash short-fall, net leverage will move from 1.8x to 3.8x, rating action uncertain but we would price to BBB+ (belly of curve prices BBB already) and margin dilutive but co is a seasoned M&A operator.