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Danish logistics giant DSV buys Schenker from Deutsche Bahn

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Danish logistics giant DSV buys Schenker from Deutsche Bahn
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Danish firm DSV has secured a deal to buy Schenker, the logistics unit of German state railway Deutsche Bahn (DB).

The deal, signed on Friday, values Schenker at €14.3bn, with €11.3bn of equity.

Friday’s announcement marks the largest sale in DB’s history and will make DSV the world’s biggest logistics firm.

DSV said it will finance the purchase through a share sale of as much as €5bn and debt financing.

“The acquisition of Schenker is a transformative transaction for DSV,” said the Danish company in a statement on Friday.

“Together, DSV and Schenker will have a combined revenue of DKK 293bn… and a joint workforce of around 147,000 employees across more than 90 countries,” it continued.

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That’s a combined revenue of around €39.26bn.

Richard Lutz, CEO of Deutsche Bahn, added: “It has been important for us to find a strong partner for Schenker and a long-term home for the employees of the company.”

He noted that the sale provides DB’s logistics subsidiary “with clear growth prospects”.

DB is looking to sell Schenker, its most profitable division, to unlock investment for its domestic passenger business and reduce its debt.

The choice of buyer, however, will come as a disappointment to some.

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Private equity firm CVC Capital Partners was also bidding for Schenker, proposing that DB could retain a 24.9% stake.

Although the offer from CVC was allegedly lower, the powerful Verdi union supported this bid, as they believed it would result in fewer job cuts.

DSV’s Chief Financial Officer Michael Ebbe told Reuters it planned to axe between 1,600 and 1,900 positions out of Schenker’s German workforce of 15,000.

Ebbe stressed, however, that the merged firm will build up employee numbers over a period of five years, so that German staff numbers will exceed current levels.

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DSV will also spend an extra €10m in extra compensation to appease unions, according to Ebbe.

The deal is expected to be closed in the second quarter of 2025, subject to regulatory approval.

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Deutsche Bahn’s supervisory board and the German transport ministry must also give the acquisition the green light, expected in the coming weeks.

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Jane’s Addiction Apologize to Fans for Onstage Fight, Cancel Next Show

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Jane’s Addiction Apologize to Fans for Onstage Fight, Cancel Next Show

Jane’s Addiction apologized to fans for the onstage altercation in Boston that saw singer Perry Farrell throwing a punch at guitarist Dave Navarro and abruptly ending their set. The band offered a “heartfelt apology” and said it is canceling its next concert, in Bridgeport, Connecticut, but gave no further details about the remainder of the tour, which is scheduled to continue through October 16.

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“We want to extend a heartfelt apology for the events that unfolded last night,” the band wrote in its Instagram story. “As a result we will be cancelling tomorrow night’s show in Bridgeport,” followed by refund details.

Friday’s show came to a sudden end when a clearly enraged Farrell threw a punch at Navarro — and was restrained by crew members, still appearing physically agitated as he was hustled offstage.

Footage shared on the web shows the band deep into playing “Ocean Size,” the 11th number in a set that usually stretches out to 14 or 15 songs, when trouble erupts between the two most famous members of the veteran band. Some fans reported on social media that tension looked to have been brewing for several songs before it got to the point of fisticuffs.

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On Saturday morning, Etty Lou Farrell, the singer’s spouse, posted her own account of Friday night’s events, writing on her Instagram account that her husband was upset about the band’s sound levels drowning out his vocals, and that led to his assault on seemingly unsuspecting guitarist Dave Navarro. Etty Lou has complimentary words for how coolly Navarro handled the situation; he can be seen trying to keep Farrell at a distance and looking baffled, saying “What the fuck?” but otherwise keeping calm. On the other hand, she lays into bassist Eric Avery for “cheap shots” in allegedly putting the singer into a headlock and punching him three times — something that wasn’t clear from widely disseminated fan video of the onstage altercation.

She wrote that Farrell was “a crazed beast” for a half-hour after being led offstage, adding that he broke down and “cried and cried.”

Jane’s Addiction have always been a fractious band — they split at the height of their popularity in 1991, after organizing and headlining the first-ever Lollapalooza tour — and divided into camps that apparently continue to this day: Farrell and drummer Stephen Perkins formed the band Porno for Pyros while Navarro and Avery worked briefly in a group called Deconstruction. The band has reformed several times over the years, usually without Avery, but clearly the tensions have continued.

The band’s tour with Love and Rockets is scheduled to conclude in Los Angeles on October 16. Variety will have more on the situation as it develops.

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Israel struck by long-range missile from Yemen, 40 projectiles from Lebanon in early morning attacks

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Israel struck by long-range missile from Yemen, 40 projectiles from Lebanon in early morning attacks

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A long-range missile fired from Yemen early Sunday landed in central Israel, according to the Israeli military.

The attack prompted air raid sirens in the region and local media aired photos of what appeared to be a fragment from a missile or interceptor that landed on a train station in the central town of Modiin.

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There were no reports of casualties or damage from the missile, but authorities observed a fire in the rural area. The IDF said in a statement that “an initial inquiry indicates the missile most likely fragmented in mid-air.” It also said the fallen fragments from its missile interceptors caused minor damage at the Modiin station.

Before a meeting of his government, Prime Minister Benjamin Netanyahu warned the Houthis and Israel’s enemies. “They should know that we exact a high price for any attempt to attack us. Whoever needs a reminder of this, is invited to visit the port of Hodeidah,” adding “Whoever attacks us will not evade our strike.”

VIDEO SHOWS BRUTAL CONDITIONS IN TUNNEL WHERE HOSTAGES WERE HELD, EXECUTED BY HAMAS TERRORISTS

A firefighter works in the area around a fire after the military said it fired interceptors at a missile launched from Yemen that landed in central Israel on Sunday, Sept. 15, 2024. (AP)

In addition to the attack from Yemen, the Israeli military said around 40 projectiles were fired from Lebanon early Sunday. Some were intercepted while the rest fell in open areas, the military said.

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The Times of Israel reported the Houthis claimed responsibility for Sunday’s missile strike, claiming it was a hypersonic missile fired from Yemen.

Local media reported sounds of explosions resulting from the missile but Israel’s military said later the sound came from the interceptors.

Houthi militants in vehicles

Houthi fighters man heavy machine guns mounted on vehicles at a rally in support of Palestinians in the Gaza Strip, and the recent Houthi strikes on shipping in the Red Sea and Gulf of Aden. On Monday, the group targeted a commercial ship in the Red Sea. (Mohammed Hamoud/Getty Images)

Yemen’s Iran-backed Houthi rebels have repeatedly fired drones and missiles toward Israel since the start of Israel’s war with Hamas in Gaza, which started after the terror group launched an attack on the Jewish State on Oct. 7. 

Nearly all the attacks have been intercepted over the Red Sea.

A police officer inspects the area around a fire

A police officer inspects the area around a fire after the military said it fired interceptors at a missile launched from Yemen that landed in central Israel on Sunday, Sept. 15, 2024. (AP)

No injuries were reported from the projectiles. Israel Fire and Rescue Services are working to extinguish fires that were caused by fallen projectiles in open areas.

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PARENTS OF 22-YEAR-OLD AMERICAN HELD BY HAMAS SPEAK OUT: ‘THEY’RE HOLDING OUR CHILDREN’

Since the Israel-Hamas war began nearly a year ago, Iran and rits financed terror groups have attacked Israeli and U.S. targets, which has led to retaliatory strikes from Israel and its Western allies.

Crater

A crater is seen after the military fired interceptors at what the Israeli army says is a missile launched from Yemen that landed in central Israel on Sunday, Sept. 15, 2024. (AP)

Iran supports terror groups across the region — Hamas, the Houthis and Lebanon’s Hezbollah — which have exchanged fire with Israel nearly every day since the war in Gaza began more than 11 months ago. Iran and its allies have said their actions come as a show of solidarity for the Palestinians.

In July, an Iranian-made drone launched by the Houthis struck Tel Aviv, killing one person and wounding 10 others. In response to that attack, Israel launched a wave of airstrikes on Houthi-held areas of Yemen.

The Houthis have also repeatedly attacked commercial shipping in the Red Sea in what they claim to be a blockade on Israel in support of the Palestinians. However, most of the ships that have been targeted have no connection to Israel.

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Tens of thousands of people on both sides of the Israel-Lebanon border have been displaced due to the strikes.

Fox News’ Yonat Friling and The Associated Press contributed to this report.

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Missile fired from Yemen lands in open area in central Israel and sets of air raid sirens

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Missile fired from Yemen lands in open area in central Israel and sets of air raid sirens

JERUSALEM (AP) — A long-range missile fired from Yemen landed in an open area in central Israel early Sunday, the Israeli military said.

The early morning attack triggered air raid sirens, including at Israel’s international airport, but there were no immediate reports of casualties or damage. The military said the sound of explosions in the area came from interceptors.

Israeli media aired footage of passengers racing to safe rooms at Ben Gurion International Airport and taking cover on a train. They also showed images of a fragment that landed on an escalator in a train station in the central town of Modiin.

Yemen’s Iran-backed Houthi rebels have repeatedly fired drones and missiles toward Israel since the start of the war in Gaza but nearly all of them have been intercepted over the Red Sea.

In July, an Iranian-made drone launched by the Houthis struck Tel Aviv, killing one person and wounding 10 others. Israel responded with a wave of air strikes on Houthi-held areas of Yemen.

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The Houthis have also repeatedly attacked commercial shipping in the Red Sea, in what the rebels portray as a blockade on Israel in support of the Palestinians. Most of the targeted ships have no connection to Israel.

The nearly yearlong war in Gaza, which began with Hamas’ Oct. 7 attack into southern Israel, has rippled across the region, with Iran and allied militant groups attacking Israeli and U.S. targets and drawing retaliatory strikes from Israel and its Western allies.

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Find more of AP’s coverage at https://apnews.com/hub/israel-hamas-war

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