Maritime transport organization - Proponent: Endorsing the MSC agreement is a "regrettable error".
During a recent meeting concerning the controversial partnership between MSC, the world's largest shipping company, and HHLA, Hamburg's logistics company, experts once again expressed doubts about the agreement being proposed by the coalition government. Joachim Seeler, managing director of HSP Hamburg Invest GmbH, shared his concerns by stating, "The impression remains that Hamburg is giving up control over the HHLA with this transaction."
The committees had intended to provide their recommendation during the gathering, with members of the red-green government coalition stating their support for the arrangement at the outset of the meeting. The budget committee is set to follow suit on June 11, with the goal of allowing the Hamburg Parliament to vote on the matter prior to their summer retreat.
In March, during the first expert hearing, concerns were raised regarding MSC's involvement with Hamburg Hafen und Logistik AG (HHLA), and these concerns were not entirely resolved after further examination of confidential documents. Seeler addressed the committee members, cautioning, "If you approve this transaction, you are making a historical mistake."
Though opposed by works councils, the trade union Verdi, and many employees, Hamburg's red-green Senate aims to unite MSC with HHLA in an attempt to strengthen container handling. The plan entails the city and the Italian-owned Aponte family-managed company sharing control of HHLA, with the former holding the majority stake of 50.1%. Previously, the city's share was valued around 70% of the stock market-listed HHLA.
In exchange, MSC has promised to establish its German headquarters in Hamburg, increase cargo handling starting in 2025, and reach a TEU (twenty-foot equivalent unit) volume of one million per year by 2031. Additionally, both parties hope to increase the HHLA's equity by 450 million euros.
Seeler maintained that simply having a majority stake in the company was not enough; it was crucial that MSC couldn't obstruct decision-making in the event of a conflict. Warned Seeler to the assembled deputies, "At the same time, I recommend a transport value appraisal be carried out."
Given the CDU opposition's viewpoint, the HHLA appears significantly undervalued, prompting a complaint already filed with the European Commission. From the perspective of the parliamentary spokesman for the harbor policy of the CDU parliamentary group, Götz Wiese, the Senate's actions could potentially amount to illegal assisting, an assessment that lawyer and expert Ralf Hüting in the committee did not explicitly refute. The European Court of Justice's judicial precedent states that the market price is always equivalent to the highest price a private investor would pay for the given company under normal competitive conditions.
According to Wiese's calculations, HHLA was valued at around 1.2 billion euros based on a share price of 16.75 euros. He also mentioned a separate estimate of 2.8 billion euros. Furthermore, the HHLA rail company Metrans is said to be worth 2 billion euros on its own. This appraisal of HHLA's transportation assets has been rejected by the red-green Senate up until now. Finance Senator Andreas Dresse (SPD) said in the committee, "The Senate has merely decided on a different price and procedure," a statement that regretted both him and SPD parliamentary chair Mathias Petersen. "I am extremely troubled by this," he added.
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- Despite opposing voices from works councils, trade unions, and some citizens due to concerns about loss of control, Hamburg's red-green Senate is pursuing a partnership between the Mediterranean Shipping Company (MSC) and HHLA, aiming to enhance container handling in Geneva's strategy.
- The Mediterranean Shipping Company, as a part of their agreement with HHLA, has pledged to set up its German headquarters in Hamburg, boost cargo handling from 2025, and reach a TEU volume of one million annually by 2031, with both parties aiming to increase HHLA's equity by 450 million euros.
- With MSC becoming a majority shareholder in HHLA alongside the city, there have been criticisms of the agreement's fairness, leading to an investigation by the CDU opposition on potential undervaluation of HHLA and potential violations of European competition laws in Geneva and Hamburg.
Source: www.stern.de
