The proposal of the shipping giant Mediterranean Shipping Company S.A. for the acquisition of 49.9% of the shares of Hamburger Hafen und Logistik (HHLA), the managing company of the port of Hamburg, is changing the landscape in the international container market.
The city of Hamburg retains a 50.1% stake in HHLA, while MSC intends to acquire up to 49.9% of the shares. The company will operate as a strategic joint venture between the two partners.
It is noted that the listed HHLA is majority owned by the city state of Hamburg, with a percentage of approximately 69%, while the free float is approximately 31%.
The MSC investment scheme of the Aponte family in its announcement yesterday committed to increase its traffic volumes from the port, starting in 2025 and reaching 1 million TEUs per year from 2031 onwards, as well as relocating its headquarters to Germany, in Hamburg.
It also intends to acquire all of the freely floatable A shares of HHLA, with the intention of submitting a voluntary public takeover bid at a price of €16.75 per A share.
If the bid is successful, MSC will eventually own just under 50% of the diversified German company – in close cooperation with the federal city of Hamburg, which still controls the port.
According to Alphaliner, the deal covers the entire HHLA group, including its rail logistics subsidiaries, the Hamburg terminals and all container terminal assets outside Germany in Tallinn-Muga, Odessa and Trieste.
