Danish shipping company DSV have lodged a $4.1 billion dollar bid for Panalpina in an unsolicited proposal to the global logistics group.

There are rumours that some of the industry’s key players are about to begin a bidding war over the acquisition of the Swiss group, causing shares in the company to surge by a third. Shares in the company are now worth 179.3 Swiss francs, the highest they’ve seen in more than a decade.

DSV’s own shares have also risen significantly in the wake of the breaking news.

Other suggested interested parties include Kuehne & Nagel, after a key stakeholder of Panalpina was ousted. Kuehne & Nagel last year suggested they were ready to speak to Panalpina about a takeover of the company, however are declining further comment at this time.

Industry analysts still suggest that a rival bid is still possible.

DSV CEO Jens Bjorn Andersen said he was attracted by Panalpina’s large presence in air and sea transport.

“We’ve been watching Panalpina for many years, and a tie-up will make us significantly bigger outside Europe,” he said. A statement on DSV’s website mentioned their ‘long and successful track record of partnering with companies’, describing the potential newly-formed business as ‘exceptionally well positioned for future growth’.

The Panalpina group spans six continents, with its main operations focusing on Air and Ocean freight, Logistics and Manufacturing, with 14,000 global employees under its belt.