MSC’s wholly-owned subsidiary Port of Hamburg Beteiligungsgesellschaft SE announced the result of its voluntary public takeover offer for Hamburger Hafen und Logistik Aktiengesellschaft (HHLA) at the end of the additional acceptance period.
At the expiry of the additional acceptance period, the takeover offer had been accepted by shareholders holding 7,325,366 HHLA Class A shares. In addition, SAS Shipping Agencies Services S.à r.l, a wholly owned subsidiary of MSC, acquired a further 9,184,558 A shares in HHLA on and outside of the stock exchange outside the offer procedure.
Together with the Class A and Class S shares held by the City of Hamburg, approximately 92.3% of HHLA’s share capital is now attributable to 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% 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,” stated Soren Toft, CEO of MSC.
“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,” commented Dr. Melanie Leonhard, Senator for Economics and Innovation of the Free and Hanseatic City of Hamburg.
According to the preliminary binding agreement concluded between the City of Hamburg and MSC, the German port and terminal operator is to be managed as a joint venture following the successful completion of the transaction. The City of Hamburg will continue to hold a majority stake of 50.1%.
According to a statement, the closing of the transaction is subject to certain regulatory approvals as well as the approval by the Parliament of the Free and Hanseatic City of Hamburg, as set out in the offer document. Subject to the fulfilment of these conditions, the closing of the transaction is currently expected to take place in the second quarter of 2024.