Novo Loses Mantle as Denmark’s Second-Biggest Company to DSV

Denmark’s economy has become intertwined with Novo Nordisk A/S, famous for its fast-selling weight-loss treatments, but the pharma giant just got a bump down on the list of the Nordic country’s biggest companies.

DSV A/S’s new acquisition, the $15.9 billion takeover of DB Schenker, will almost double the freight company’s revenue, making it Denmark’s second-largest firm and pushing Novo down to third. AP Moller-Maersk A/S will remain Denmark’s biggest, though the margin over DSV will now narrow significantly, based on 2023 revenue figures.

For Denmark, DSV’s growth adds some diversification to the AAA-rated economy amid warnings that ...