MSC – HHLA transaction on course to close 2nd quarter 2024
It might have provoked a negative reaction from certain members of the Hamburg establishment – Hapag Lloyd, Eurokai Group and Kuehne & Nagel for example – but MSC’s audacious bid to buy into Hamburg terminal operator HHLA looks to be right on track at the time of writing.
As of November 20, according to information provided the City of Hamburg and MSC held a total of 63.3 million shares which is reported to correspond to approximately 84 per cent of the company’s share capital and voting rights. MSC is offering €16.75 per HHLA share with the formal offer scheduled to close on 21 November but an extension to this is a possibility.
A key threshold for takeover bids is 90 per cent. This point is highly influential in forcing the remaining shareholders to transfer their shares against their will – the “squeeze out” process as it is known.
The transaction, which seems to be proceeding at pace, is still subject to regulatory approvals. Once these are satisfied it is estimated that the deal will be concluded in the second quarter of 2024.
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