Citing integration challenges as the main reason, Maersk announced on Monday that it will no longer pursue the acquisition of DB Schenker. The decision follows an in-depth review of the logistics arm of German state rail operator Deutsche Bahn. DB Schenker was put up for sale last year.
"Our investigation confirmed DB Schenker as an interesting company ... But the in-depth review also identified areas of challenges from an integration perspective," said Vincent Clerc, Maersk CEO.
Deutsche Bahn has launched a sale process for DB Schenker. Several major logistics companies have expressed interest. Deutsche Bahn selected Maersk, DSV, Bahri and a consortium of CVC, ADIA and GIC for the final round of the sale. Some bids were reported to be more than €15 billion. Others were in the €13-14 billion range.
After Maersk's announcement, its shares rose 6%, while shares in Danish freight forwarder DSV rose 5%. The withdrawal illustrates the complexity of large-scale logistics integration and Maersk's cautious approach to strategic acquisitions.
