Loeb's Third Point built stake in DSV in Q3, sees 'significant upside' [Yahoo! Finance]
DSV A/S UNSP/ADR (DSDVY)
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Source: Yahoo! Finance
NEW YORK (Reuters) - Billionaire hedge fund manager Daniel Loeb told investors on Thursday that his firm Third Point built a new stake in DSV A/S during the third quarter and he sees "significant upside" for the Danish freight forwarder and logistics company. DSV will benefit from its planned acquisition of Schenker, the logistics arm of German state rail operator Deutsche Bahn, and a planned joint venture between DSV and Saudi Arabia, Loeb wrote in a letter to investors seen by Reuters. The joint venture, which will provide end-to-end supply chain management and develop transport and logistic assets, should help grow the company's earnings power by 15% by 2028, the letter said. The combination with Schenker should help drive "earnings accretion in excess of 30%," he wrote. Loeb also extended support to the company's new CEO, calling Jens Lund, who moved into the top job earlier this year after having worked as chief financial officer, "laser-focused on creating shareholder val
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