Consolidation in the freight forwarding sector has returned following DSV’s unsolicited $4.2 billion bid for Panalpina. DSV has indicated the deal provides “significant growth opportunities and potential for value creation”. DSV has higher profit margins than Panalpina, with an EBITDA margin of 7.9% versus 4.2% in the 12 months to Sept. 30. That would suggest there is some room for cost cutting through best practice sharing. The combined business would have a more balanced revenue stream with 27.6% having come from ocean freight based on 2017 data, 32.4% from air freight and the remainde...