Photo: Miso Miso, CC BY-SA 3.0, via Wikimedia Commons

MSC bid for Hamburg Port shares hit by legislative setback

The MSC and City of Hamburg deal to secure over 92% of the shares in the Port of Hamburg has been setback by legislative delays in the regional parliament.

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Readers may recall that In December 2023, MSC and the City of Hamburg reached a deal to secure more than 92 percent of Hamburger Hafen und Logistik AG. The two parties say they wish to drive forward the strategic development of the Port of Hamburg.

However, before this agreement becomes officially rubber stamped, legislation needs to go through Hamburg’s Parliament.

According to the German Press Association (DPA), the governing coalition actually is keen to approve the deal on Wednesday in the last parliamentary session before the summer break.

However, opposition parties including the CDU and the Left Party have announced that they will oppose the first and second reading vote planned by the red-green coalition in the last session before the summer break. DPA notes that two parties hold a fifth of the mandates required for this.

As a result the opposition has been able to delay the final decision until after the summer break. However, they do not have the means to prevent the deal coming to fruition as ultimately, the governing coalition has a sufficient majority to push through the last stage of the legislative process.

Photo: Miso Miso, CC BY-SA 3.0, via Wikimedia Commons