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).