The development marks the end of a more than two month takeover battle designed to build scale in the consolidating transport sector.

On Monday, Swiss freight forwarder DSV A/S disclosed, it will be acquiring Panalpina in a $4.62 billion (4.6 billion Swiss francs) deal.

The development marks the end of a fight between its top shareholder and activist investors over the company’s future.

The Ernst Goehner Foundation, which owns 46% of Panalpina, had previously resisted pressure from Cevian Capital, which has a stake of 12.3% as well as from Artisan Partners, which has a stake of 9.9%, to sell the company to DSV.

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