The European Commission stated on its website that it had approved, under the EU merger regulation, the acquisition by Denmark's DSV Panalpina of the warehousing company Agility's GIL. The general public, listed on the Kuwait and Dubai stock exchanges.
GIL provides a range of logistics services including air, sea and land freight forwarding, and contract logistics, with a focus on emerging markets, while DSV provides and operates Supply Chain Solutions, which includes freight forwarding and contracting logistics services in Europe, the Americas, Asia Pacific, the Middle East and Africa.
The commission concluded, according to Al Rai newspaper, that the proposed acquisition would not raise any competition concerns given its limited impact on the relevant markets, while the deal was under scrutiny. Under the Simplified Integration Review Procedure.
For his part, the head of the Danish company expected the merger to be completed before the end of next month.
Agility announced at the end of last April that it had signed an agreement with DSV Panalpina for the latter's acquisition of the global integrated logistics business of Agility, known as GIL, This is worth $4.1 billion (about 1.2 billion dinars).
This acquisition is expected to create a leading company that ranks among the top 3 global companies in this sector by revenue.
Agility's profit rose 28.7% in the first quarter of this year; To reach 12.6 million Kuwaiti dinars (equivalent to 41.7 million dollars).
