DSV Starts €5 Billion Share Sale for DB Schenker Takeover [Financial Post (Toronto, Ontario, Canada)]
DSV A/S UNSP/ADR (DSDVY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — DSV A/S received commitments from investors for more than half of a €5 billion ($5.5 billion) sale of new shares as the Danish freight-forwarding company finances its takeover of DB Schenker. DSV will sell the stock in an underwritten directed issue and private placement to help fund the €14.3 billion deal, the company said on Thursday. The targeted amount compares with a range of €4 billion to €5 billion, which DSV set on Sept. 13. The shares were being marketed at 1,400 to 1,410.5 kroner each in the accelerated bookbuilding process, according to terms seen by Bloomberg, which showed there was enough investor demand to cover the entire deal shortly after it launched. That represents a 0.74% discount to Thursday's closing price at the bottom end. The share sale comes just one day after Deutsche Bahn AG's supervisory board approved the divestment
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