In a brief statement on November 1, 2024, the shipping company DFDS announced it has abandoned the acquisition of Ekol Logistics, which began in April 2024. The Danish firm simply stated that "the completion of the transaction was subject to regulatory approvals and certain contractual conditions. Since certain contractual conditions were not met within the agreed deadline, DFDS has terminated the share purchase agreement, and consequently, the transaction will not take place." The statement did not specify which conditions were unmet.
The acquisition agreement envisioned DFDS taking over Ekol's European and Turkish land transport network for approximately 500 million euros, an operation that would have boosted the Danish company's logistics activities. On November 1, DFDS also announced a revision of its 2024 earnings forecast (EBIT) from 1.7-2.1 billion Danish kroner to 1.5-1.7 billion kroner, citing "results below expectations, mainly due to a more widespread slowdown in Europe than previously anticipated, as well as increased competition in Northern Europe's land transport markets and the Mediterranean freight ferry market."
The company expects that "current market conditions will persist for the rest of the year, whereas a recovery in activity was previously anticipated." The statement added that suspending the acquisition process of Ekol Logistics "could have some financial impact in the fourth quarter of 2024." Specifically, "the 2024 revenue growth forecast has been adjusted to 8-10% from the previous 8-11%, as Ekol Logistics' revenues were previously included in the revenue forecast."
