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Hit the face! Maersk suddenly announced......
Feb 19,2024
A few days ago, Maersk CEO Ke Wensheng (Vincent Clerc) unexpectedly announced his interest in the acquisition of German freight forwarding company Deutsche Bank (DB Schenker), "this is not necessarily the most likely outcome, but this is the problem we need to study".
The news caused widespread concern in the industry, as Maersk had previously insisted it had no intention of buying Dirtsin.
At the end of 2021, when market rumors emerged about the acquisition of DST Xinke, Ko Wensheng had made it clear, "We are not interested in this at all, this is a position we have stressed many times. We do not intend to get involved in the freight forwarding business, this is not the area of service we want to provide to our customers."
Now, with Ke Wensheng's statement, this acquisition war in the logistics industry seems to have added another uncertainty. "Whether we do this deal or not, it will have an impact because it changes the landscape of the logistics field... We are not responsible for not investigating."
DB Schenker is currently the fourth largest international freight forwarding company in the world, with more than 1,850 branches and offices in more than 130 countries and 76,600 employees.
It is reported that the current valuation of the company is about "between 12 billion and 15 billion euros".
Change the market pattern
Maersk's announcement came as a surprise to the closely watched Sydbank of Maersk and DSV. "This is indeed beyond my expectation. I have always felt that Maersk is the least likely buyer to acquire De Tiexin." Senior analyst Mikkel Emil Jensen said.
He further pointed out that Maersk used to tend to acquire smaller logistics companies and expand the business of these companies through its large customer base. As a result, it could be a considerable shift for Maersk as the world's fourth-largest logistics company.
"In contrast, DSV seems to be a more suitable buyer, because DSV can obtain significant synergies from Deutsche Telekoms." Jensen said.
But he also mentioned signs that Maersk is trying to drive organic growth of 10% in its current logistics business, which may increase the urgency of seeking new acquisitions.
Danish DSV has long been considered one of the strongest buyers of DB Schenker and is seen as having a "unique opportunity".
It is understood that the German industrial media DVZ recently reported that the first phase of the sale process of Deutsche Bank (DB Schenker) has been successfully completed.
Ko confirmed at this time that Maersk "will consider participating in the acquisition" although a bit unexpected, but confirmed a series of previous market rumors.
However, it is very delicate that the former senior executive of Maersk has been appointed as the chief executive officer of the Asia Pacific region of DST. Specifically, DST may appoint Vishal Sharma as the chief executive officer of the Asia Pacific region, effective from February 1 this year.
According to the data, Vishal Sjarma has worked in the logistics field for more than 30 years and has been the CEO of the Greater China region of the German Railway Xinco cluster since 2021. He joined DB Xinco in 2018 as CEO of Indian Subcontinent Cluster.
Prior to joining DRS Sharma, Vishal Sharma held various executive positions with freight companies in the United States, Singapore, India and Denmark. For example, he worked for several years at Maersk and Danmars (Maersk's former logistics division).
Tough acquisition task
About 20 companies are reported to be bidding for the German freight forwarding company for the first time. Soon, the range will be narrowed down to five.
Bernstein analyst Tobias Fromme said: "The scale of De Tiexin is much larger than any of their previous acquisitions. We think the execution risk is too high and not attractive."
He keeps a close eye on Maersk, Deutsche Tiexin and logistics company DSV, noting that with such an acquisition, Maersk would have to integrate the German company into its own logistics business.
"This makes Maersk's execution more challenging, especially for a logistics giant like Drisonka," Fromme said.
However, it is worth pondering that a Danish asset manager said that Maersk may have difficulty persuading equity investors to buy Maersk new shares to raise funds for the acquisition. Because to date, Maersk has not had much success in terms of logistics acquisitions and the performance of the logistics division.
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