Port of Hamburg Beteiligungsgesellschaft SE, a subsidiary of the MSC Group, has announced the successful completion of its voluntary public tender offer for the shares of Hamburger Hafen und Logistik Aktiengesellschaft (HHLA).
This development also marks the establishment of a joint venture with the City of Hamburg with respect to HHLA.
All closing conditions have been fulfilled, including approval by the Hamburg Parliament and merger control approvals by the relevant merger control authorities. The City of Hamburg has now contributed all its Class A shares in HHLA to Port of Hamburg Beteiligungsgesellschaft SE by way of a capital increase in kind and will become its majority shareholder upon registration of the capital increase.
Going forward, HHLA will be operated as a strategic joint venture, with the City of Hamburg holding a stake of 50.1 per cent while the MSC Group holds the remaining 49.9 per cent.
To this end, the MSC Group will significantly increase cargo throughput at HHLA’s terminals to a minimum volume of 1.0 million TEU per year from 2031. In addition, the City of Hamburg and the MSC Group have agreed to provide €450 million ($473 million) in equity to support the forthcoming necessary investments in HHLA.
The MSC Group has also announced that it will build its new German headquarters in Hamburg’s HafenCity with plans to employ approximately 700 people. Construction is scheduled to begin in 2026.
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“We want to play our part in pushing the gateway to the world further open – for the benefit of HHLA, the workforce, the people of Hamburg and everyone else connected to this historic port,” said Søren Toft, CEO of MSC.
“Together with the City, we will invest in growth, technology and infrastructure to strengthen HHLA’s competitiveness. We will bring cargo to Hamburg, and we will fully protect the rights of the workforce. That is our plan for Hamburg,”
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“Germany’s largest seaport will benefit significantly from the investments in infrastructure and improvements in automation and digitalisation at HHLA’s terminals,” said Hamburg’s Senator Dr Melanie Leonhard, Minister of Economy and Innovation.
“As a result, all of HHLA’s customers will benefit from this partnership. At the same time, we are strengthening the company’s future viability and thus the long-term prospects of its employees.”
Earlier this October, Ocean Wilsons’ subsidiary, OW Overseas Limited (OWOIL), agreed to sell its 56.47 per cent interest in Wilson Sons to Shipping Agencies Services Sàrl (SAS) for BRL4.352 billion ($764.9 million).
