UPDATE 1-DSV shares attain all-time high after polishing off Agility deal

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COPENHAGEN, Aug 16 (Reuters) – DSV on Monday raised its outlook for the twelve months after having executed its $4.8 billion acquisition of Kuwait’s Agility Public Warehousing Co, sending its shares to a yarn high.

The acquisition, launched in April here, of the logistics division of Kuwait’s Agility Public Warehousing Co will do the arena’s third-largest freight forwarding company with a mixed personnel of bigger than 75,000 workers.

Chief Executive Jens Bjorn Andersen told Reuters in an interview that he expects the mix of Agility to be executed by mid-2022, by when he may possibly be willing for mark new acquisitions.

This can accept as true with DSV overtake Germany’s DB Schenker, putting it within the attend of only DHL Logistics and Swiss-essentially based utterly mostly Kuehne & Nagel as measured by income and freight volumes.

The Danish company raised its 2021 working profit outlook for the fourth time this twelve months on the attend of stable freight seek data from. DSV now expects 2021 earnings before hobby and tax of 13.75-14.50 billion Danish crowns when put next to a previous forecast of 12.5-13.0 billion, with some 750 million crowns associated to the acquisition.

“Ask is stable and there is genuine enhance in freight volumes,” Andersen stated, pointing to congestion in ports, ships blockading the Suez Canal and absence of containers.

Shares in DSV rose as grand as 3.2% to an all-time high.

Global logistics networks had been upended all over the last twelve months by disruptions due to COVID-19, reduced air job and critical congestion at ports due in piece to backed-up container ships.

DSV has a means of growing thru acquisitions, and the Agility deal will give it a stronger presence within the Center East and Asia.