Hamburg and MSC jointly dominate port logistics
The City of Hamburg and the major shipping company MSC are setting the course for the future joint management of the Hamburg port logistics company HHLA. A purchase offer to the shareholders has been completed. With success.
The major 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 after the final expiry of the takeover bid to HHLA shareholders.
The city and MSC intend to run HHLA as a joint venture in which MSC will hold 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 threshold of 90 percent. This is an important threshold for takeover bids because it allows the remaining shareholders to be forced to transfer their shares against their will - the technical term for this is a squeeze-out.
Dismissals for operational reasons suspended
MSC and the city have agreed to strengthen HHLA's equity by 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 have countered the fears of employees and the trade union Verdi by stating that significant promises have been made to 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," it said.
According to the mandatory announcement, 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.
In total, the city and MSC now hold 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 MSC's mandatory announcement.
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The City of Hamburg and MSC, who jointly control 92.3% of HHLA through their share acquisitions, have pledged to operate HHLA as a joint venture, ensuring Hamburg's continued dominance in port logistics based in Hamburg.
Given their significant stake in HHLA, MSC and Hamburg have suspended dismissals for operational reasons within the company for at least five years as a gesture to their workforce, easing employee concerns during this transformative period.
Source: www.ntv.de
