DSV removes Panalpina name from its company name 'DSV Panalpina A/S'

DSV Panalpina A/S

DSV Panalpina A/S forwarding company said that the decision to drop the name of DSV Panalpina and replace it with DSV was approved by shareholders at the extraordinary general meeting of shareholders on September 8.

“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,” said DSV.

The company said it made the decision after acquiring Agility's Global Integrated Logistics business in August in a stock split.

“DSV will undergo its most significant change of the business since the acquisition of Panalpina in 2019,” the company 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 $4.6 billion relationship between DSV and Panalpina at the time was considered a merger between the two companies. They said the combined DSV Panalpina name would reflect "the long, rich history of both companies".

DSV said DSV Panalpina will be retained as the company's sub-name.

In another development at the meeting, the company decided to nominate a representative from Agility to the board of directors following the takeover of GIL, which will make Agility an 8% shareholder in DSV.

“At today’s extraordinary general meeting, Tarek Sultan Al-Essa was elected as proposed by the board of directors,” the DSV said.

Tarek Sultan is currently vice president of Agility and at the same time, he serves as a member of the board of directors of Kuwait’s Silk City and Boubyan Island Development Project

At the extraordinary general meeting of shareholders, shareholders also approved the proposal of the board of directors to amend the company's remuneration policy by including environmental, social and management (ESG) to grant stock options to the management.

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Source: Phaata.com (According to AirCargoNews)

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