Panalpina Welttransport (Holding) AG (SWX:PWTN) wants to remain an independent company, it said, after Kuehne + Nagel International AG (SWX:KNIN) indicated that it would consider making a takeover approach. Kuehne & Nagel Chief Executive Oficer, Detlef Trefzger had told Finanz & Wirtschaft in an interview published on November 24, 2018 that he was ready to talk to smaller rival Panalpina. But Panalpina, would prefer to go it alone.

“Panalpina's board of directors reiterates that the company wants to further develop its business independently,” a spokesman said. “Panalpina is now in a good position to leverage its global platform. There are a number of interesting market opportunities,” he said.

The spokesman declined confirm whether Panalpina had been approached by Kuehne & Nagel but said that its board would always “consider and evaluate all its options and opportunities in the best interest of all stakeholders”.