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Bahri withdraws bid for Danish logistics company

Boat, Transportation, Vehicle Unsplash.com/william william
Bahri’s offer was the highest at more than €15 billion for Schenke

Saudi shipping giant Bahri has withdrawn from the race to acquire Deutsche Bahn’s logistics unit Schenke, according to a news report.

The CVC-led consortium, including Abu Dhabi Investment Authority (ADIA) and GIC, and DSV, a Danish logistics group, are the only two contenders left, Reuters reported, citing unnamed sources.

Bahri’s offer was the highest at €15 billion ($16.4 billion), the report said. However, the other offers are in the range of €13 billion.

State-owned Deutsche Bahn put up Schenker for sale in 2023 to reduce its €34 billion debt.

The final bids are due next month.

This month Danish shipping major Maersk pulled out from bidding, saying, “Schenker would not be the right thing to do for our business at this time.”

The Danish logistics company employs more than 70,000 people in 130 countries.

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