MSC subsidiary to buy majority stake in Hamburg port

Port of Hamburg Beteiligungsgesellschaft, a wholly-owned indirect subsidiary of MSC Mediterranean Shipping Company, has agreed to acquire a majority stake in Hamburger Hafen und Logistik (HHLA), a leading port in Hamburg.

The MSC subsidiary will offer €16.75 per A-share for each share with a face value of €1, says an announcement from HHLA.

"The bidder further informed that in connection with the takeover Offer, MSC and the Free and Hanseatic City of Hamburg (FHH) have today entered into a binding agreement setting forth the basic parameters and terms of the takeover offer and the parties’ mutual intentions and understandings with respect to the company. The agreement provides that HGV Hamburger Gesellschaft für Vermögens- und Beteiligungs­management (HGV), a wholly-owned subsidiary of FHH, will transfer the A-Shares held by it to the bidder upon completion of the offer by way of a capital increase against contribution in-kind and will acquire shares in the bidder in return (the “contribution”). If the bidder holds 100 percent of the A-Shares after completion of the offer and the contribution, HGV shall hold 50.1 percent and MSC 49.9 percent of the share capital of the bidder. For this purpose, HGV will transfer a portion of the shares in the bidder acquired in the course of the contribution to MSC or a subsidiary of MSC. If the bidder holds less than 100% of the A-Shares after completion of the takeover offer and completion of the Contribution, the shareholding ratios with respect to the bidder will be aligned such that HGV indirectly holds 50.1% of the A-shares."

The executive board of HHLA, in close consultation with the supervisory board, will review and evaluate the announced offer in the best interests of the company while safeguarding the interests of all stakeholders. "HHLA will inform the capital market and the public accordingly in accordance with applicable law," the release added.