By John Miller

ZURICH (Reuters) - Denmark's DSV launched a bid to buy Swiss logistics company Panalpina for around 4 billion Swiss francs ($4.05 billion), according to Reuters calculations, after pressure from an activist investor for Panalpina to do a deal.

The offer is DSV's second attempt in just a few months to make a major acquisition in a fragmented freight transportation market, after a failed bid for Swiss rival Ceva Logistics.

Panalpina said on Wednesday it had received an unsolicited, non-binding proposal from DSV to acquire the company for 170 Swiss francs per share, made up of a mix of cash and DSV shares.

Panalpina's board said it would consider the proposal, despite a recent statement that it aimed to remain independent.

Activist investor Cevian Capital, which owns 12.3 percent of Panalpina shares, said last year it wanted the company to be open for a takeover amid the company's struggles in ocean freight, the decline of its business with the oil and gas industry, a delayed IT system and growth that has lagged rivals.

"According to its fiduciary duties, the Board of Directors of Panalpina is reviewing the proposal in conjunction with its professional advisers," Panalpina said in a statement.

DSV was not immediately available for comment.

In October, DSV abandoned a bid for Ceva Logistics, after 1.53 billion Swiss franc bid had been rejected.

The Danish company had offered Ceva shareholders a 50 percent premium and said it was willing to raise the offer further.

Panalpina shares closed at 137 francs per share on Tuesday. At the offer price of 170 francs per share, DSV's proposal would value the company's 23.7 million outstanding shares at just over 4 billion francs.

Panalpina's shares have fallen 17 percent over the last year.

DSV, with around 44,000 employees and a revenue of 74.9 billion Danish crowns ($11.44 billion) in 2017, has a strong record of integrating and creating value from acquisitions, most notably California-based UTi in a $1.35 billion deal in 2016.

Analysts at Berenburg in November called DSV "the premium name in logistics", citing the company's superior organic growth potential, rising margins and sustainable high returns.

($1 = 0.9881 Swiss francs)

($1 = 6.5463 Danish crowns)

(Reporting by John Miller; editing by Thomas Seythal and Brenna Hughes Neghaiwi)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)