The major shipping company MSC is so far making small steps forward with its planned takeover of almost half of the Hamburg port logistics company HHLA. “Together with the city of Hamburg, we now hold more than 75 percent of HHLA shares,” said the German boss of the world’s largest container shipping company, Nils Kahn, to “Welt am Sonntag”.
With a remaining share of 50.1 percent held by the city of Hamburg and a planned takeover of around 19 from the Hanseatic city, this means that MSC has so far been able to acquire around six percent of HHLA shares. When the official takeover offer was presented almost three weeks ago, it was said that MSC had already acquired almost 4.7 percent of the outstanding HHLA shares on the stock exchange.
Like previously CEO Søren Toft, Kahn expressed his confidence that the cooperation agreed with the city of Hamburg will be successful: “We assume that we can now acquire further shares and that we will bring the transaction to a positive conclusion.” MSC offers shareholders 16.75 euros per HHLA share.
MSC entry is controversial in Hamburg
Kahn ruled out increasing this offer: “No, that is not an option.” The deadline for accepting the takeover offer published on October 23rd is midnight on November 20th. Shareholders who have not accepted the offer by then can do so within a legally stipulated “further acceptance period”. According to the MSC offer, it would probably run from November 24th to December 7th.
MSC’s entry into the traditional HHLA is controversial in Hamburg. The opposition in Hamburg’s citizens is critical of the deal. The Verdi union and employees in particular fear that the cooperation could come at the expense of the employees. Kahn expressed understanding for this. “HHLA is a special company, the port is part of Hamburg’s identity,” he told “Welt am Sonntag”. “That’s why it was clear to us that such a transaction would be controversial. That’s good and right.”
