Maersk pulls out of bidding for Germany's DB Schenker, shares spike

DANISH shipping group Maersk said on Monday (Jul 1) it is no longer interested in buying DB Schenker as integrating the logistics firm would pose too many challenges.

German state rail operator Deutsche Bahn last year launched a sale process for its logistics arm and Maersk has previously said it was considering buying it.

“Our investigation confirmed DB Schenker as an interesting company ... But the in-depth review also identified areas of challenges from an integration perspective,” Maersk CEO Vincent Clerc said in a statement.

“We concluded that acquiring DB Schenker would not be the right thing to do for our business at this time”.

Sources familiar with the matter told Reuters in May that Deutsche Bahn had chosen Maersk, DSV, Bahri and CVC in consortium with ADIA and GIC to enter the final round of a sale process.

One or more of the bids submitted by the four in an earlier round exceeded 15 billion euros (S$21.85 billion), the sources said. Other bids came in between 13 billion and 14 billion euros, one of the sources added.

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Maersk shares were up 6 per cent, and Danish freight forwarder DSV’s shares 5 per cent higher, shortly after the announcement. REUTERS