September 30, 2024 11:56 GMT
DSV (DSVDC; A3 Stable/A- Neg) DB dismisses CVC attempts (unconfirmed, bbg)
TRANSPORTATION
Statement below. Has put a nail in the coffin for CVC (or anyone else) bidding after-the-fact;
"Like any responsible owner, DB is selling its logistics subsidiary DB Schenker at the end of a clearly structured sales process to the party that made the highest and most attractive bid, and that was DSV. We are also obliged to do so, otherwise this would constitute illegal aid...
... CVC's offer of August 22, 2024 was far behind DSV's offer in terms of both
price and contractual risk distribution... even after the deadline for submitting binding offers, CVC's offers, which were improved several times in marginal areas but never fundamentally, were always inferior" (translated)
Presser here
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