MSC Receives Approval for Takeover of HHLA

Swiss-based Mediterranean Shipping Company (MSC) has successfully secured all necessary regulatory approvals for its voluntary public takeover offer of the German port operator, Hamburger Hafen und Logistics AG (HHLA). With the recent clearance from Ukrainian authorities for merger control, all conditions for the takeover have now been satisfied.

The European Commission had previously approved the merger at the start of October. The final approval from Ukraine was crucial, as HHLA manages a terminal in the Black Sea harbor of Odessa. Following this, MSC will proceed to pay €16.75 (approximately US$18) per class A share to those HHLA shareholders who tendered their shares in this offer.

Melanie Leonhard, Hamburg‘s Senator for Economic Affairs and Innovation, highlighted the positive implications of MSC’s involvement, stating, «In order to continue to perform its functions for Hamburg and the hinterland well, we must further develop and modernize the port.» She emphasized MSC’s maritime logistics expertise, noting it would be instrumental in developing HHLA further.

Finance Senator Andreas Dressel remarked on the financial impacts of the deal, indicating that the capital influx and a planned capital increase by MSC would provide HHLA with almost half a billion euros for future investments.

Soren Toft, MSC’s Chief Executive Officer, expressed enthusiasm for the partnership and conveyed MSC’s commitment to the growth of both HHLA and the Port of Hamburg. «Together with the City of Hamburg as majority owner, we will support HHLA in getting back on track for growth,» Toft stated.

The agreement, originally announced in September 2023, outlines a strategic partnership aimed at boosting Hamburg’s status within MSC’s global network. By 2025, MSC plans to significantly increase its cargo handling operations in Hamburg, anticipating the handling of a minimum volume of one million Twenty-foot Equivalent Units (TEUs) annually from 2031 onwards.

Included in the expansion plans are the introduction of new liner services to Hamburg and the construction of MSC’s new German headquarters in the city. This partnership is positioned to solidify Hamburg as a pivotal hub in MSC’s northern European and global logistics operations.