City of Hamburg and MSC move to take 100% control of HHLA

Port of Hamburg Beteiligungsgesellschaft SE (PoH) has notified the Executive Board of Hamburger Hafen und Logistik AG (HHLA) that it intends to transfer the A shares of terminal operator HHLA's minority shareholders to PoH in exchange for an appropriate cash compensation (known as a ‘squeeze-out’).

Under the agreed shareholding structure, the City of Hamburg will hold 50.1 %, and MSC Group will hold 49.9 % of HHLA.

PoH, whose shares are held by the City of Hamburg and the MSC, currently holds more than 95 percent of HHLA shares, making it the main shareholder within the meaning of Section 327a of the German Stock Corporation Act (AktG).

The amount of the cash compensation is now determined by the PoH on the basis of a company valuation. The appropriateness of the cash compensation is also reviewed by a court-appointed auditor. The squeeze-out under stock corporation law becomes effective upon approval by the general meeting and entry in the commercial register.

The new ownership structure will include all HHLA terminals as well as all subsidiaries, such as METRANS. The only exception will be HHLA Real Estate, which will remain under the ownership of the City of Hamburg. HHLA’s logistics network covers large parts of Europe wiith seaport terminals in Hamburg, Tallinn, Trieste and Odessa, as well as a connecting overland transport network operated by rail subsidiary METRANS.