Shipping: MSC takeover offer for port logistics provider HHLA expired

Shipping: MSC takeover offer for port logistics provider HHLA expired

The deal is controversial: The city of Hamburg wants to run the port logistics company HHLA together with the world’s largest container shipping company MSC. A purchase offer from MSC has been available for four weeks.

The takeover offer from the major shipping company MSC to shareholders of the Hamburg port logistics company HHLA expired on Tuesday night. The city of Hamburg and the world’s largest liner shipping company want to run HHLA as a joint venture in which MSC will hold a maximum of 49.9 percent. Hamburg currently holds around 69 percent of HHLA. In order for the plan to be realized, MSC had to convince HHLA shareholders to sell their shares to the shipping company. An extension of the acceptance period, which ended at midnight, is possible. MSC offers 16.75 euros per HHLA share.

Four weeks after publishing the offer, MSC has gradually approached the home stretch in small steps. By midday on Monday, almost 3.9 percent of HHLA shares had been tendered to MSC, according to the shipping company’s daily mandatory notifications. In addition, the world’s largest liner shipping company already had an HHLA share of almost ten percent.

The important mark is 90 percent

According to this information, the city of Hamburg and MSC have a total of around 63.3 million HHLA shares. “This corresponds to a total share of approximately 84.21% of the company’s share capital and voting rights existing as of the reporting date.” In the first half of November, MSC Germany boss Nils Kahn spoke of 75 percent being held jointly by the city and his company.

An important mark for takeover offers is 90 percent. This threshold is crucial so that the remaining shareholders can be forced to transfer their shares even against their will – the technical term for this is squeeze-out.

Shareholders who did not accept the MSC offer at the first attempt could do so within a legally stipulated “further acceptance period”. According to previous MSC information, it could probably run from November 24th to December 7th.

MSC announcement on the takeover offer Offer document WpÜG MSC announcement as of November 20, 2023, 12:00 p.m

Source: Stern

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