MSC and Hamburg own 92 percent of the port logistics company HHLA
Published: Tuesday, Dec 12th 2023, 11:20
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The major Swiss shipping company MSC and the City of Hamburg own 92.3 percent of the Hamburg port logistics company HHLA.
This was announced by MSC in a mandatory announcement on Tuesday after the final expiry of the takeover bid to the HHLA shareholders.
Accordingly, 9.74 percent of HHLA shares were tendered to MSC by shareholders during the approximately six-week acceptance period. Following the purchase of additional HHLA shares, MSC also holds a further 12.21 percent of HHLA shares. This is in addition to around 70.35 percent previously held by the Hanseatic City of Hamburg.
The city and MSC now hold a total of 69.43 million HHLA shares. "This corresponds to a total of approximately 92.30 percent of the company's share capital and voting rights as of the reporting date," according to the MSC mandatory notification.
Hamburg retains majority
The city and MSC want to run HHLA as a joint venture in future, with MSC holding a maximum of 49.9 percent and the city 50.1 percent. With the 92.3 percent share now achieved, only 7.7 percent is in the hands of other shareholders - far too little to block important company decisions with the so-called blocking minority.
The two partners also reached the 90% threshold. This is an important threshold for takeover bids because it means that the remaining shareholders can be forced to transfer their shares against their will - the technical term for this is a squeeze-out.
MSC and the city have already agreed to strengthen HHLA's equity by a total of 450 million euros. The port logistics company will need a lot of money in the coming years to modernize the container terminals in Hamburg. MSC and the city counter the fears of employees and the trade union Verdi with the fact that significant promises have been made for the employees. For example, redundancies for operational reasons have been ruled out for at least five years. "It has also been set out in black and white for the employees that the existing co-determination will be retained," they said./kf/DP/ngu
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