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I once wondered whether Panalpina might ever find itself in a position in which it would have to compromise between the funds it allocates to headcount and those to dividends: now I know the payout is a top priority – at least until the end of this fiscal year.

This is not a trivial matter. Financial strength gives Panalpina options, but these are scarce at a time when the opportunity cost of deploying capital elsewhere must be gauged against the benefits of waiting for ...

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