Panalpina – DSV merger completed with name change
Shareholders have voted to change the name of third-party logistics giant DSV Panalpina A/S to DSV A/S.
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.
The decision was made at an extraordinary general meeting hosted by DSV on September 8, 2021, at the company’s headquarters in Hedehusene near Copenhagen, Denmark.
With the $6 billion (DKK 30 billion) acquisition of Agility’s Global Integrated Logistics business (GIL), which was finalized on August 16, 2021, DSV will undergo its most significant change of the business since the acquisition of Panalpina in 2019.
The change was made to ensure branding consistency, the company said in a media release.
A new member of the board
As part of the all-share acquisition of GIL, in which Agility Warehousing Company KSCP (Agility) has become a large shareholder of DSV, it was decided to nominate a representative from Agility to the board of directors. Tarek Sultan Al-Essa was elected as proposed by the board at the extraordinary general meeting.
Al-Essa is currently vice-chairman of Agility and holds positions as a member of the board of trustees for the Kuwait Silk City and Boubyan Island Development Project.
Environmental, social, and governance targets
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.
At the meeting Thomas Plenborg, chairman of the board of directors, noted that this change to the remuneration policy is a clear reflection of DSV’s wish to increase its focus on sustainability and ESG.