Big changes are underway in the port of Hamburg. The shipping company MSC wants to join the port company. The mayor sees a groundbreaking transaction.
The world’s largest container shipping company MSC wants to join the Hamburg port logistics company HHLA. The Geneva-based group and the Hanseatic city have signed a binding preliminary agreement to establish a strategic partnership, the Senate and the company announced.
The city of Hamburg currently holds around 69 percent of the listed HHLA. In the future, this will be managed in a joint venture, with the city holding 50.1 percent and MSC 49.9 percent of the shares.
To make this possible, MSC will make a takeover offer for all currently freely traded shares at a price of 16.75 euros per share. The price is currently around 11.50 euros. At the same time, MSC will significantly increase the cargo volume in Hamburg from 2025. From 2031 onwards there should be at least one million standard containers (TEU) per year. MSC will also move its German headquarters to Hamburg.
Criticism from a billionaire
Hamburg’s mayor Peter Tschentscher (SPD) spoke at a press conference in the town hall about a groundbreaking transaction that would lead to a strategic partnership between the city and one of the world’s leading shipping companies.
This could give the entire maritime economy the boost it needs in difficult times. MSC boss Soren Toft said that with this very important and strategic cooperation, Hamburg will become a hub in the future.
Recently, billionaire Klaus-Michael Kühne sharply criticized the management of HHLA and signaled his willingness to take a larger stake in the port company. The Senate reacted coolly to this.
HHLA said: “In close communication with HHLA’s Supervisory Board, the Executive Board will examine and evaluate the announced offer in the best interests of the company and while safeguarding the interests of all stakeholders.”
Source: Stern
