MSC secures over 92 per cent of HHLA shares

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MSC, City of Hamburg obtain over 92 per cent of HHLA shares

Port of Hamburg Beteiligungsgesellschaft SE, a totally-owned subsidiary of Mediterranean Shipping Company S.A. (MSC), has announced the outcome of its voluntary public takeover offer for Hamburger Hafen und Logistik Aktiengesellschaft (HHLA) at the conclusion of the extra acceptance time.

The takeover offer had been approved by shareholders holding 7,325,366 HHLA Class A shares at the end of the extra acceptance period on 7 December 2023 at 12.00 am CET.

Furthermore, SAS Shipping Agencies Services S.à r.l, a fully owned subsidiary of MSC, bought an additional 9,184,558 A shares in HHLA on and off the public exchange outside of the offer procedure.

Together with the City of Hamburg’s Class A and Class S shares, the joint venture partners currently own about 92.30 percent of HHLA’s share capital.

READ: MSC unveils voluntary public takeover bid for HHLA

Soren Toft, CEO of MSC, said: “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 per cent 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.”

Melanie Leonhard, Senator for Economics and Innovation of the Free and Hanseatic City of Hamburg, added: “In order to drive forward and continue the development of HHLA, we are entering into a strategic partnership with MSC.

“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.”

READ: MSC places bid to buy stake in Hamburg’s HHLA

Following the successful conclusion of the deal, HHLA will reportedly be run as a joint venture, according to the preliminary contractual agreement reached between the City of Hamburg and MSC.

The City of Hamburg will retain its controlling ownership of 50.1 percent. According to the offer document, the acquisition is subject to several regulatory clearances as well as approval by the Parliament of the Free and Hanseatic City of Hamburg.

The deal is presently projected to close in Q2 2024, subject to the satisfaction of certain criteria.

Last month, the Executive Board and the Supervisory Board of HHLA published their joint Reasoned Statement pursuant to Section 27 of the German Securities Acquisition and Takeover Act (WpÜG) on the takeover offer by MSC.

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