Danish shipping company Maersk drops out of bidding race for freight forwarder Schenker
The Danish shipping company Maersk will no longer offer international freight forwarding services for Schenker of German Rail. "Our investigation has shown that Schenker is an interesting company," explained Maersk CEO Vincent Clerc. However, a closer look also revealed many challenges in integrating Schenker into the company.
"We have ultimately decided that buying Schenker right now is not the right thing to do at this time," Clerc added. Maersk's shares rose by six percent on the stock exchange as a result. The papers of the Danish freight forwarder DSV, which also offers services for Schenker, gained five percent.
German Rail aims to find a buyer for Schenker this year. According to insiders, there have been talks with potential bidders, including Maersk, DSV, a financial investor group led by CVC, and the Saudi consortium Bahri. The bids reportedly ranged from under 15 billion Euros to significantly more. The railway company is said to be expecting a final offer from the companies in July.
German Rail wants to sell Schenker to focus on its core railway business in Germany and reduce its debt of around 34 billion Euros. This is important to prevent the logistics company from suffering any losses in creditworthiness. Otherwise, interest payments on the debts could continue to rise.
- Despite Maersk's interest in Schenker, the Danish shipping company decided against buying the German freight forwarder due to several challenges in integration.
- Schenker is currently participating in the bidding race for its ownership, with potential bidders including Maersk, DSV, a financial investor group led by CVC, and the Saudi consortium Bahri.
- The Danish shipping company Maersk, a key player in the global shipping industry, recently announced it would no longer offer international freight forwarding services for Schenker, a forwarding agency under German Rail.
- If German Rail fails to sell Schenker and its debt continues to grow, the logistics company could face increased interest payments, potentially impacting its creditworthiness negatively.
