DSV has completed its acquisition of fellow freight forwarder Panalpina. Cost cutting equivalent to around one-quarter of the combined group’s EBITDA is expected by DSV management as a result of merging the two entities. Scale has been a big driver of the deal – combined the two would have been the third largest handler of U.S.-inbound, seaborne freight in the 12 months to Jul. 31. DSV has grown more quickly than Panalpina during the deal’s progress with revenue growth of 3.0% year over year in 2Q versus Panalpina’s 1.6% decline. That process can also be seen in U.S. seaborne imports whe...