MSC finalises bid for HHLA takeover
Port of Hamburg Beteiligungsgesellschaft, a subsidiary of MSC Mediterranean Shipping Company, has finalised its takeover bid with Hamburger Hafen und Logistik Aktiengesellshaft (HHLA) shareholders.
Along with the purchase of 9.74% of HHLA’s share capital, MSC has also bought 12.21% of 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.
“Now that the acceptance period for the shareholders has expired, the executive board is focusing on finalising the business combination agreement between the City of Hamburg, MSC and HHLA,” explained Angela Titzrath, chief executive of HHLA.
Framework agreement
Ms Titzrath explained that in close cooperation with the supervisory board, HHLA’s future development has been set out in a preliminary framework agreement in order to achieve commitments for investments, employees and customers.
“We are confident that we will be able to work out the remaining points in the coming weeks,” she said.
The offer was not subject to a minimum acceptance threshold. In their joint reasoned statement of 6 November 2023, the executive and supervisory boards of HHLA recommended to shareholders to accept the offer.
Closing of the transaction remains subject to regulatory approvals as well as the approval by the parliament of the Free and Hanseatic City of Hamburg.
The transaction is expected to complete in the second quarter of 2024.
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