Danish freight forwarding group DSV plans to push further up into the top league of global cargo agents with the signing of an agreement today to take over US-based logistics group UTi Worldwide. In the seafreight/container segment, the combined group will control aboit 1.4 million TEU of cargo, which makes it the sixth-largest ocean freight forwarder behind Kühne + Nagel, DHL, DB Schenker, Pantos Logistics, and Panalpina, according to the 2015 Global Freight Forwarding report by UK consultant Transport Intelligence. DSV is offering UTi shareholders USD7.10 in cash per ordinary share, thus valuing UTi at approximately USD1.35 billion. Pending approval by shareholders and relevant authorities worldwide, the transaction is expected to be closed in the first quarter of 2016, DSV’s management said in a call today. “The air and sea division will be significantly strengthened and DSV will increase its industry specific capabilities across all divisions,” the company said, further stressing the increased global reach of its contract logistics (warehousing and distribution) and its road freight activities following a merger. UTi with its sector focus on industry verticals including automotive, pharmaceuticals, and healthcare has shown a poor financial performance so far this year, despite implementation of a restructuring plan. In the first half of 2015 its net loss widened to USD104 Million from USD65.6 Million in the corresponding period last year.