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Reports that UTi Worldwide to merge with DSV overplayed, say parties
UTi WORLDWIDE said "exploratory" merger talks had been held with Danish global trucker DSV, though it denied earlier reports that negotiations were at an advanced stage, Reuters reports.
UTi has been in talks with DSV since mid-2014 and could reach an agreement as early as this month, but discussions could still stall, Bloomberg reported.
"UTi can confirm that exploratory conversations have taken place between the companies, in response to an inquiry from DSV A/S, those discussions never progressed beyond a preliminary stage," the company said in a statement.
DSV A/S issued a statement confirming "discussions" with UTi Worldwide about its potential acquisition, but said that "there are no current discussions with UTi Worldwide Inc."
"Currently there are no discussions taking place between the companies," UTi added.
Copenhagen-based DSV was established in 1976 when 10 independent truckers founded the company, DSV De Sammensluttede Vognmand af 13-7 1976 A/S. DSV is listed on the NASDAQ OMX Copenhagen and included in the OMXC20 Index as one of the 20 most actively traded shares.
Long Beach-based UTi, formerly Union Transport started in Germany and today has offices in 70 countries, supplemented by partners and agents, and offers services 100 countries and employs 21,000 people.
UTi has been in talks with DSV since mid-2014 and could reach an agreement as early as this month, but discussions could still stall, Bloomberg reported.
"UTi can confirm that exploratory conversations have taken place between the companies, in response to an inquiry from DSV A/S, those discussions never progressed beyond a preliminary stage," the company said in a statement.
DSV A/S issued a statement confirming "discussions" with UTi Worldwide about its potential acquisition, but said that "there are no current discussions with UTi Worldwide Inc."
"Currently there are no discussions taking place between the companies," UTi added.
Copenhagen-based DSV was established in 1976 when 10 independent truckers founded the company, DSV De Sammensluttede Vognmand af 13-7 1976 A/S. DSV is listed on the NASDAQ OMX Copenhagen and included in the OMXC20 Index as one of the 20 most actively traded shares.
Long Beach-based UTi, formerly Union Transport started in Germany and today has offices in 70 countries, supplemented by partners and agents, and offers services 100 countries and employs 21,000 people.
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