On September 13, 2024, Deutsche Bahn's board decided to sell its logistics division, DB Schenker, to DSV for €14.3 billion. Despite this, the competing consortium led by CVC Capital Partners has not withdrawn. On September 17, CVC addressed Deutsche Bahn’s boards, highlighting three key points: its offer is economically more advantageous than DSV's, the evaluation process was not transparent, and CVC is prepared to increase its bid further.
CVC has requested Deutsche Bahn’s board to reconsider its decision and conduct a fairer, more transparent process. However, the railway company reaffirmed that the decision in favor of DSV was fair and transparent, having been confirmed by an independent auditor. It also stated that DSV’s offer was superior in all respects. CVC still has room to maneuver, as the decision in favor of DSV must still be approved by the supervisory board, which will meet on September 27 (a delay from the previously announced September 18 date), as well as by the German government.
One key difference between the two offers lies in the transaction structure: while DSV has offered €14.3 billion to acquire DB Schenker in full, CVC has proposed a similar amount but allows Deutsche Bahn to reinvest €1 billion, enabling it to retain a 24.9% stake in the logistics company. Additionally, CVC has guaranteed Deutsche Bahn revenues of €2-2.5 billion should it remain a shareholder and has promised to keep DB Schenker as an independent entity.
Germany’s Ver.di union supports CVC’s offer, arguing that if DSV acquires DB Schenker, significant job cuts could follow, potentially affecting up to 5,000 workers. In a recent statement to Bloomberg, DSV's CEO countered that the reduction would not exceed 1,900 positions.
