MEDITERRANEAN Shipping Company (MSC) is advancing its proposal to acquire a 49 per cent stake in the operational entity of the Port of Hamburg with the goal of forming a strategic joint venture aimed at bolstering MSC's presence within the port and elevating the port's global trade, reports Fort Lauderdale's Maritime Executive.
On October 23, the company released its official offering documents, outlining its intention to purchase Class A shares of Hamburger Hafen und Logistik Aktiengesellschaft (HHLA) at a valuation of US$1.48 billion.
The initial regulatory hurdle for this acquisition proposal was cleared when the German regulatory authority, Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin), approved the proposed terms.
This move marked a significant step forward for the acquisition, despite opposition from certain quarters within Germany. MSC's offer involves acquiring Class A shares at $17.67 per share, ultimately granting msc a 49 per cent stake in HHLA, while the City of Hamburg would retain its preferred shares, maintaining a majority 51 per cent ownership of the company.
Since the announcement of this proposed transaction in mid-September, it has faced resistance and protests, primarily from German trade unions. While there were speculations about potential competing bids, such alternatives did not materialise.
The opponents remain steadfast in their opposition to the acquisition of the port operator by the Swiss-based MSC, notwithstanding arguments in favour of increased investments in the port and its improved competitive position against ports like Rotterdam, Antwerp, as well as emerging ports including Valencia, Genoa and Gdansk.
As part of its commitment, MSC has outlined plans to expand cargo throughput in HHLA terminals, commencing by 2025 and aiming for a minimum of one million TEU by 2031.
Additionally, the company has committed to constructing a new office in Hamburg and employing between 500 and 700 individuals within the city.
In their offering document, MSC emphasises the shared commitment of both the City of Hamburg and MSC to drive the strategic development of HHLA and the entire Port of Hamburg, reinforcing its significance within the global logistics industry.
The company pledges to support HHLA's growth strategy by leveraging its unique expertise and strengths within the joint venture.
SeaNews Turkey
On October 23, the company released its official offering documents, outlining its intention to purchase Class A shares of Hamburger Hafen und Logistik Aktiengesellschaft (HHLA) at a valuation of US$1.48 billion.
The initial regulatory hurdle for this acquisition proposal was cleared when the German regulatory authority, Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin), approved the proposed terms.
This move marked a significant step forward for the acquisition, despite opposition from certain quarters within Germany. MSC's offer involves acquiring Class A shares at $17.67 per share, ultimately granting msc a 49 per cent stake in HHLA, while the City of Hamburg would retain its preferred shares, maintaining a majority 51 per cent ownership of the company.
Since the announcement of this proposed transaction in mid-September, it has faced resistance and protests, primarily from German trade unions. While there were speculations about potential competing bids, such alternatives did not materialise.
The opponents remain steadfast in their opposition to the acquisition of the port operator by the Swiss-based MSC, notwithstanding arguments in favour of increased investments in the port and its improved competitive position against ports like Rotterdam, Antwerp, as well as emerging ports including Valencia, Genoa and Gdansk.
As part of its commitment, MSC has outlined plans to expand cargo throughput in HHLA terminals, commencing by 2025 and aiming for a minimum of one million TEU by 2031.
Additionally, the company has committed to constructing a new office in Hamburg and employing between 500 and 700 individuals within the city.
In their offering document, MSC emphasises the shared commitment of both the City of Hamburg and MSC to drive the strategic development of HHLA and the entire Port of Hamburg, reinforcing its significance within the global logistics industry.
The company pledges to support HHLA's growth strategy by leveraging its unique expertise and strengths within the joint venture.
SeaNews Turkey
