News / MSC bid for Hamburg terminal operator HHLA on the verge of success

Photo: HHLA/Thies Rätzke

13/12/2023

MSC’s quest to purchase a 49.9% stake in Hamburg terminal operator HHLA has entered its final stage, after it was revealed yesterday that the carrier and the Hamburg municipality together now control over 90% of its shares.

HHLA announced yesterday that MSC subsidiary Port of Hamburg Beteiligungsgesellschaft’s voluntary public takeover offer to HHLA shareholders had been successful enough to push the combined shareholding of the City of Hamburg and MSC past the vital 90% mark, when they will be able to squeeze out remaining shareholders.

“At the expiry of the acceptance period, which was extended until 7 December, the takeover offer had been accepted by shareholders holding 7,325,366 Class A shares,” HHLA said.

“This corresponds to 9.74% of the share capital. In addition, MSC has purchased 12.21% of the HHLA shares on the open stock market.

“Together with the Class A and S shares held by the City of Hamburg, the joint-venture partners now hold 92.3% of HHLA’s share capital,” it explained.

The transaction is now expected to close in the second quarter of 2024, although it remains subject to certain regulatory approvals, as well as the approval by the Parliament of the Free and Hanseatic City of Hamburg.

“Now that the acceptance period for the shareholders has expired, the executive board focuses on finalising the business combination agreement between the City of Hamburg, MSC and HHLA,” said HHLA chief executive Angela Titzrath.

“In close cooperation with the supervisory board, we have already been able to set important milestones for HHLA’s future development in a preliminary framework agreement, and achieve commitments for investments, our employees and customers.

“We are confident we will be able to work out the remaining points in the coming weeks,” she added.

For an in-depth discussion on the mechanics of the deal, its origins and the implications for Hamburg’s shipping community, check out this episode of The Loadstar Podcast