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The Executive and Supervisory boards of HHLA Hamburg have greenlit MSC’s offer to buy 49,9 per cent of the company’s stakes. Negotiations, including the two parties and the City of Hamburg, deemed the offering adequate. The HHLA boards now recommend that the company’s shareholders accept the offer, which, according to official and binding agreements, will not disrupt HHLA’s business model and will secure several aspects of the business concerning investments, subsidiaries and employees.
The Executive and Supervisory boards of HLA Hamburg were obliged by the German Securities Acquisition and Takeover Act (WpÜG) to “examine the offer carefully, impartially and in the best interests of all the company’s stakeholders” and subsequently proceed to a joined ‘Reasoned Statement’ explaining why the takeover should take place or not.
The offer’s assessment was mainly based on the financial aspect of the transaction, which the HHLA Hamburg boards considered financially adequate and competitive. Specifically, HHLA explained that they are content with MSC’s offer to pay 16,75 euros per Class A share. However, what could be even more critical in accepting this offer is the Business Combination Agreement (BCA) signed by HHLA, MSC and the City of Hamburg, which safeguards HHLA’s future business in different ways.
Just days after the announcement of MSC’s intention to acquire 49,9 per cent of HHLA’s shares, protests broke out in Hamburg, with labour unions claiming that the port of Hamburg is not for sale and should remain in public hands. The regime in which the port of Hamburg is subjected, considering that it is a public entity, makes share acquisition a more complex process, igniting fears over operational and business changes that could harm both the city of Hamburg and the port employees. Read more
Source: RAILFREIGHT.COM
