Port of Hamburg Beteiligungsgesellschaft SE, a wholly-owned indirect subsidiary of MSC Mediterranean Shipping Company, has officially disclosed the outcome of its voluntary public takeover bid for Hamburger Hafen und Logistik Aktiengesellschaft (HHLA).
According to a recent MSC press release, upon the expiration of the additional acceptance period, HHLA accepted the takeover offer. Furthermore, SAS Shipping Agencies Services S.à r.l, a wholly-owned subsidiary of MSC, acquired an additional 9,184,558 A shares in HHLA both on and off the stock exchange, outside the official offer procedure.
Combining these with the Class A and Class S shares held by the City of Hamburg, approximately 92.30 percent of HHLA’s share capital is now under the ownership of the joint venture partners.
We are pleased with the strong result of our takeover offer. We have secured over three quarters of HHLA’s free float and, together with the City, will hold over 92 percent of HHLA’s voting rights after the closing of the transaction. This puts us in a very good position to advance our joint plans. The goal is clear: we are planning growth for HHLA and want to contribute to the Port of Hamburg playing an even bigger role in the concert of the world’s ports,” said Soren Toft, CEO of MSC Mediterranean Shipping Company
As per the preliminary binding agreement between the City of Hamburg and MSC, HHLA is set to be managed as a joint venture post the successful conclusion of the transaction. The City of Hamburg will retain a majority stake of 50.1 percent.
In order to drive forward and continue the development of HHLA, we are entering into a strategic partnership with the Mediterranean Shipping Company. The world’s largest shipping company is thus making a firm and long-term commitment to the Port of Hamburg. By integrating it into another global network, we are generating additional cargo volumes and contributing to the port’s development. Today’s result brings us an important step further along this path,” says Dr Melanie Leonhard, Senator for Economics and Innovation of the Free and Hanseatic City of Hamburg.
Closing of the transaction is contingent on specific regulatory approvals and approval by the Parliament of the Free and Hanseatic City of Hamburg, as detailed in the offer document. Subject to meeting these conditions, the transaction is currently anticipated to conclude in Q2 2024.