MSC and Hamburg are nearing the final phase of their plans for HHLA. Once MSC’s offer to HHLA shareholders concludes, both will hold over 80% ownership, leaving remaining shareholders without significant control.
Ownership Restructure
- Hamburg and the largest shipping company aim to create a joint venture for HHLA, with the city owning 50.1% and MSC up to 49.9%.
- MSC acquired at least 3.9% of HHLA shares during the recent deadline, part of its efforts to persuade shareholders to sell their stakes for the venture to proceed.
Shareholder Decision
According to an MSC spokesperson upon request, “it usually takes two to three banking days for the Central Settlement Agent to determine the exact number of shares tendered as part of the offer and for the result to be published”.
Only then does the statutory “further acceptance period” of two weeks begin, within which HHLA shareholders can make up for a decision to sell. The MSC offer of October 23 stated that this period is expected to begin on November 24 and end on December 7 at midnight.
Ownership Consolidation
The world’s largest liner shipping company currently holds close to 10% of HHLA shares, totalling about 63.3 million shares between MSC and the City of Hamburg. This accounts for approximately 84.21% of the company’s capital and voting rights.
Initially aiming for 75%, MSC’s recent acquisition surpasses expectations. The critical threshold for mandatory share acquisition is 90%, triggering a squeeze-out of remaining shareholders.
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Source: Market Screener
