Mediterranean Shipping Company (MSC) has secured all necessary regulatory approvals to become a shareholder in Germany’s logistics provider Hamburger Hafen und Logistik Aktiengesellschaft (HHLA), which will be majority-owned by the City of Hamburg.
Following the approvals of the Hamburg parliament and the EU Commission, the Ukrainian merger control authority has finally approved all closing requirements.
The acquisition is expected to be completed by the end of 2024. MSC has bought shares from stockholders through a tender offer and on the open market, and it will also purchase a portion of the shares formerly owned by Hamburg.
The Free and Hanseatic City of Hamburg will own approximately 69 per cent of the listed shares in HHLA AG, up from 50.1 per cent.
READ: HHLA board backs MSC deal
Dr Melanie Leonhard, Hamburg Senator for Economics and Innovation, said: “With its expertise in maritime logistics, MSC will be a strategic partner for HHLA in the necessary further development.
“After extensive consultation and review, all authorities and institutions involved have now determined that there are no legal concerns and that the transaction can be implemented as agreed.”
READ: MSC responds to FuelEU Maritime with new emissions surcharge
Soren Toft, CEO of MSC, said: “We are delighted that the transaction is now close to a successful conclusion. Together with the City of Hamburg as a majority shareholder, we will support HHLA and the Port of Hamburg to return to a growth path.
“As part of our long-standing partnership, we will further strengthen our presence in Hamburg and provide HHLA with additional equity to invest in the modernisation of its infrastructure.”
READ: Training centre for digitalised port operations opens at HHLA CTA
On 13 September, Hamburg and MSC established a strategic cooperation for the future growth of HHLA AG. The cooperation aims to provide a solid foundation for HHLA’s long-term development.
The Port of Hamburg is slated to play a vital role in MSC’s global shipping and intermodal network. As part of the arrangement, MSC will reportedly enhance cargo throughput at HHLA’s Hamburg ports beginning in 2025.
