The city of Hamburg and the shipping company MSC from Switzerland have come closer to their goal: they will operate the port logistics company HHLA together in the future. But not all shareholders transferred their shares.
According to the takeover offer to the shareholders of HHLA, the shipping company MSC and the city of Hamburg hold 86 percent and thus the clear majority in the Hamburg port operator. As MSC reports, almost six percent of the shareholders have transferred their shares in HHLA to the shipping company. This means that the remaining shareholders no longer have a so-called blocking minority and cannot block important resolutions regarding the future of the port operator.
Offer goes into the second round – squeeze out possible
In a second round of offers, the remaining shareholders should be convinced to also sell their shares to the duo MSC and the city of Hamburg. A unit price of 16.75 euros is offered. HHLA shares currently cost 16.36 euros. Before the takeover offer was announced, the shares were worth around ten euros. The acceptance period runs from Friday to December 7th.
If the two shareholders can hold at least 90 percent of the HHLA shares, the so-called squeeze-out rule applies: the remaining shareholders can then be forced out of the company – even against their will.
The world’s largest shipping company and the city of Hamburg had already agreed in advance to divide HHLA between them. To achieve this, the Hanseatic city wants to reduce its share from almost 70 percent to 50.1 percent.
Surprising offer in September
The announcement surprised HHLA in September. The port operator’s management only backed the offer at the beginning of November after concessions from its future major owners and recommended that the other shareholders accept the offer of 16.75 euros per HHLA A share. The first acceptance period expired on Tuesday night.
The takeover offer from the industry leader had sparked concerns among other shipping companies that MSC could claim special rights in the port of Hamburg. According to HHLA, an agreement reached with MSC and the city of Hamburg ensures equal rights for all customers.
MSC and the city have also agreed to increase HHLA’s equity capital by a total of 450 million euros. The port logistics company will have to modernize the container terminals in Hamburg in the coming years and at the same time will be affected by the difficult economic situation worldwide.
Profit slump in the third quarter
In the third quarter, operating profit fell by a good 60 percent to 21.3 million euros. As the company also announced, sales fell by 7.9 percent to 353.6 million euros. HHLA had confirmed its outlook for the full year, but now considers an operating result at the lower end of the range of 100 to 120 million euros to be likely. Sales are likely to decline significantly.
Terminations of employees for operational reasons were ruled out for at least five years.