The Swiss-Italian shipping company MSC wants to join the Hamburg port operator HHLA. The company announced on Wednesday that there was a takeover offer. This will now be examined and evaluated “in the best interests of the company and while protecting the interests of all stakeholders,” said HHLA. The slight majority of the company should therefore continue to be owned by Hamburg.
Hamburg’s First 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 Managing Director Søren Toft said that with this very important and strategic collaboration, Hamburg will become a hub in the future. MSC wants to set up its German headquarters in Hafencity. Toft also announced that it would double the number of jobs to more than 700.
According to the information, MSC’s takeover offer provides for the payment of 16.75 euros in cash per class A share. According to its own information, MSC has reached a binding agreement with the Hanseatic City of Hamburg as the largest shareholder, which regulates the conditions of the takeover offer and the common intentions at HHLA. If MSC holds 100 percent of the A shares after completion of the takeover offer and the contribution, Hamburg will hold 50.1 percent and MSC will hold 49.9 percent of the share capital. According to data from LSEG, the Hanseatic city currently still holds 69.25 percent of HHLA. “We have to keep the majority, we have to keep the say,” said Hamburg Finance Senator Andreas Dressel.
Immediately after the stock market opened, HHLA shares shot up: the port operator’s shares rose by up to 49.2 percent on Wednesday morning. This had already been announced in early trading: the shares had already risen by 42.8 percent. On Tuesday, the HHLA share closed at 11.54 euros – on Wednesday a paper was now worth up to 17.35 euros.
The Kühne offer is therefore probably off the table
Billionaire Klaus-Michael Kühne had previously sharply criticized the management of HHLA and signaled his willingness to take a larger stake in the port company. He wanted to take over HHLA in close cooperation with the container shipping company Hapag-Lloyd. Accordingly, he would be prepared to spend around half a billion euros for the majority shareholding in HHLA and to invest in modernizing the facilities.
In May, after a tough struggle, the federal government approved the entry of the Chinese state shipping company Cosco into an HHLA container terminal with a share of less than 25 percent. The Chinese company had originally sought a 35 percent stake, but the cabinet had already rejected this in October.
According to experts, German ports are facing major challenges. The head of the Central Association of German Seaport Companies (ZDS), Angela Titzrath, is calling for massive help from the federal government. “We will have to invest large sums in the coming years to modernize and expand the ports,” she recently told South German newspaper.