Geneva-based shipping company MSC completes entry into the Port of Hamburg
Published: Thursday, Nov 28th 2024, 19:10
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The controversial investment by the major Swiss shipping company MSC in the city of Hamburg's port logistics company HHLA has been completed. The Geneva-based shipping company now holds 49.9 percent of the port operating company, while the City of Hamburg has a 50.1 percent stake.
As the company announced on Thursday, the City of Hamburg contributed all of its A shares in HHLA to the joint venture Port of Hamburg Betreibergesellschaft SE as part of a non-cash capital increase. The city and MSC intend to manage HHLA jointly.
With the transfer of the shares, the voluntary takeover bid has been successfully completed, the Mediterranean Shipping Company announced. "All offer conditions, including the approval of the Hamburg Parliament and the merger control clearances by the competent authorities, have been fulfilled," it said.
MSC pays 232 million to the city
Previously, the city owned around 70 percent of HHLA, the rest of the shares were in free float. Like the other shareholders, the city will receive 16.75 euros per A-share from MSC - that is around 232.6 million euros.
MSC is proud of its stake in HHLA, said MSC CEO Søren Toft. The port has a centuries-long tradition and is not only called the gateway to the world in Hamburg. "We want to play our part in opening the gateway to the world again."
Germany's largest seaport will benefit significantly from the investments in infrastructure and improvements in automation and digitalization at the HHLA terminals, said Senator for Economic Affairs Melanie Leonhard (SPD). "As a result, all of HHLA's customers will be able to benefit from this partnership."
MSC plans to invest in Hamburg and almost double its cargo volume
MSC intends to increase its cargo volume at HHLA's terminals from next year and almost double it to one million standard containers (TEU) per year by 2031. In addition, the company owned by the Italian shipping family Aponte wants to build a new German headquarters in Hamburg and, together with the city, increase HHLA's equity capital by 450 million euros.
HHLA is considered the heart of the Port of Hamburg. Around 5.9 million standard containers (TEU) were handled at its three container terminals - Tollerort, Altenwerder and Burchardkai - last year. This corresponds to around 77 percent of Hamburg's total throughput of around 7.7 million TEU. In addition, HHLA and its almost 6800 employees are involved in terminals in Odessa, Trieste in Italy and the Estonian port of Muuga, among others.
Trade unions see jobs at risk
The deal is still highly controversial. The trade union Verdi and port workers, for example, are strictly opposed to the deal. From Verdi's point of view, it is not only jobs at HHLA that are at risk, but also at other port companies such as Gesamthafenbetrieb and Lasch-Betriebe.
In addition, the deal would effectively give MSC far-reaching veto rights. Experts had also warned against the deal in expert hearings, speaking of a "historic mistake", among other things.
©Keystone/SDA
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