Shipping company MSC may acquire stake in Hamburg port logistics company HHLA
Published: Wednesday, Sep 4th 2024, 20:30
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Despite all the protests, the red-green Hamburg city government has pushed through the acquisition of the Swiss-based shipping company MSC by the port logistics company HHLA. It used its two-thirds majority in the city parliament.
In a roll-call vote, 72 of the 105 members of parliament present voted in favor of the deal, 33 against. This corresponds to the two-thirds majority of the SPD and Greens. The red-green coalition thus pushed the deal through in the second and final reading.
Originally, the decision was to be made at the last meeting before the summer break. However, this was prevented by the opposition. However, the EU Commission still has to give its approval before the deal can be implemented.
Hamburg's red-green Senate wants to bring the Mediterranean Shipping Company (MSC) on board in order to stabilize Hamburger Hafen und Logistik AG (HHLA) and container handling. The city is to hold 50.1 percent and MSC 49.9 percent of the company. Previously, the city owned around 70 percent, with the remainder in free float.
In return, MSC intends to increase its cargo volume at the HHLA terminals from next year and almost double it to one million standard containers per year by 2031. The Swiss shipping company also wants to build a new German headquarters in Hamburg and, together with the city, increase HHLA's equity capital by 450 million euros.
The Verdi trade union and dock workers are strictly opposed to the deal. They fear the loss of jobs.
©Keystone/SDA
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