Hamburg port
Hamburg. Photo: © Kay Fritsch | Dreamstime.com

Efforts by MSC and the City of Hamburg to take control of HHLA seem to be inching ahead, with the outcome of a vote by shareholders expected soon.

With the municipal authority, the world’s largest container shipping line has been seeking to take full control of the Hamburg terminal and intermodal operator, and last night was the deadline for shareholders to accept the latest offer.

According to reports, the offer of €16.75 per share was enough to buy at least a further 4% of shareholders out but rumours are circulating that the pair have reached their desired 90% threshold.

While it is expected to be a few days before confirmation, with 90% of shares held between them, they would be in a position to squeeze out the remaining shareholders with compulsory purchases, bringing full control of HHLA.

Prior to the vote, the pair jointly controlled 84% of the shares, with Hamburg City owning some 67%, and the remaining 33% floating on the Frankfurt Stock Exchange.

The agreement between the bidders includes a clause that the city retains majority control, with a proposed shareholding split of 50.1% to 49.9%, while MSC has pledged to funnel 1m teu through HHLA’s gateways a year.

For its part, HHLA appears receptive to the offer, its board members having recommended shareholders accept the deal in early November when it was tabled.

CEO Angela Titzrath said: “In our view, the extensive agreements underline the attractiveness of HHLA and its strategy, as well as MSC’s sustained interest in a long-term successful development of the company.”

The Loadstar‘s Mike Wackett said: “It shows the continued determination of the Aponte family to deliver on their growth aspirations”.

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