Kuehne & Nagel ready for takeover talks with Panalpina

Swiss logistics group Kuehne & Nagel is ready to talk with Panalpina about a potential takeover of its smaller rival, Chief Executive Detlef Trefzger told Swiss newspaper Finanz & Wirtschaft.

“We are always ready to talk”, Trefzger said, according to the interview published online.

Trefzger, who announced separately this week the purchase of U.S.-based Quick International for an undisclosed price, told the Swiss newspaper he would not shy away from large acquisitions, but only if both sides agree to a deal.

“We won’t do a hostile takeover”, Trefzger said, adding Kuehne & Nagel is actively pursuing deals within the fragmented logistics industry that bring new technology, access to markets and customer segments, and synergies that add additional volume.

Kuehne & Nagel had sales of 18.6 billion francs ($18.7 billion) last year, while smaller Panalpina’s revenue hit $5.5 billion.

Panalpina declined to comment, when contacted by Reuters.