DSV drops Panalpina from company name
08 / 09 / 2021
DSV has decided to drop Panalpina from its company name two years after its acquisition of the Switzerland-based forwarder.
The forwarder said the decision to drop the DSV Panalpina name in favour of DSV was approved by shareholders at an extraordinary general meeting earlier today.
“Since 2019, DSV Panalpina A/S has been the name of the parent company of the global transport and logistics company but with effect from today, the company’s shareholders have approved a name change proposal by the Board of Directors to return to the previous name of the parent entity – DSV A/S,” DSV said.
The company said that it had made the decision following the acquisition of Agility’s Global Integrated Logistics business in August in an all-share deal.
“DSV will undergo its most significant change of the business since the acquisition of Panalpina in 2019,” it said. “With this change, the timing is right to change the name of the parent entity back to DSV A/S and secure brand consistency across all markets and operations.”
The $4.6bn tie-up between DSV and Panalpina was at the time labelled a merger between the two companies. They said the combined DSV Panalpina name would reflect “the long, rich history of both companies”.
DSV said that DSV Panalpina would be retained as a secondary name for the company.
Elsewhere at the meeting, it was decided to nominate a representative from Agility to the board of directors following the deal to takeover GIL, which will see Agility become an 8% shareholder in DSV.
“At today’s extraordinary general meeting, Tarek Sultan Al-Essa was elected as proposed by the board of directors,” DSV said.
“Tarek Sultan is currently the vice chairman of Agility and at the same time, he holds positions as a member of the board of trustees, Kuwait’s Silk City and Boubyan Island Development Project.”
At the extraordinary general meeting, the shareholders also adopted a proposal from the board of directors to amend the company’s remuneration policy by including environmental, social, and governance (ESG) criteria for granting stock options to the executive board.