On

1 April 2019, DSV A/S, Hedehusene, Denmark and Panalpina Welttransport

(Holding) AG, Zurich, Switzerland, have entered into an agreement on the terms

and conditions of a combination by way of a public exchange offer by DSV for

all publicly held registered shares of Panalpina for approximately CHF 4.6

billion. The board of directors of Panalpina has resolved to support the public

exchange offer by DSV and to recommend the acceptance of DSV's public exchange

offer to its shareholders.

Panalpina's

three major shareholders, who in total hold approximately 70% of the share

capital in Panalpina, have committed to tender their Panalpina shares into the

exchange offer.

Bär

& Karrer is acting as Swiss counsel of DSV in connection with the public

ex-change offer, while Moalem Weitemeyer Bendtsen acts as Danish counsel and

Skadden Arps Slate Meagher & Flom as US and international counsel of DSV.

The Bär & Karrer team includes Eric Stupp, Mariel Hoch, Fabienne Perlini,

Florentin Weibel, Martin Peyer and Monika Maric (all M&A), Thomas U.

Reutter and Annette Weber (both Capital Markets), Susanne Schreiber (Tax), Mani

Reinert (Antitrust) and Laura Widmer (Employment).