Entry of shipping company MSC into Hamburg's port operator HHLA increasingly likely
Despite sharp criticism from the planned entry of the world's largest shipping company MSC at Hamburg's most important port operator HHLA, the city of Hamburg expects the deal to be on track. At the town council meeting on Wednesday, a resolution is expected to be passed, a spokesperson for the economic department announced on Monday in response to an inquiry from the news agency Reuters. The ruling factions have signaled their approval. Besides the vote of the Hamburg Senate - the regional parliament - the cartel approval from Brussels is still missing. The parties involved are in exchange with the EU Commission on this matter.
"We currently have no reason to expect any delays," the spokesperson added further. The transaction is expected to be completed in 2024. The plan of the red-green Hamburg Senate to sell HHLA shares in large quantities to MSC - the Swiss-based rival of the Hamburg shipping company Hapag-Lloyd - had caused high waves in the city. In recent weeks, there was harsh criticism at the HHLA annual general meeting and then at a public hearing in the economic committee of the town council. Terms like "tarnished silverware" and "historical error" were used. Small shareholders criticized that the company was selling itself undervalued, especially in view of its highly valued rail business Metrans.
- Despite the criticism from various quarters, the shipping company MSC's entry into HHLA, Hamburg's major port operator, is expected to proceed as planned by the city.
- Despite harsh criticism at the HHLA annual general meeting and a public hearing, the Hamburg shipping company Hapag-Lloyd's Swiss-based rival MSC is still in talks with HHLA for a large share acquisition.
- Despite the need for cartel approval from Brussels, Hamburg's economic department spokesperson indicated no delays in the expected completion of the transaction between MSC and HHLA in 2024.
- Despite the strong opposition from small shareholders, the shipping company MSC's access to a significant portion of HHLA raises concerns about the undervaluation of HHLA, particularly its highly valued rail business Metrans.
