Nearly a year after MSC's offer to acquire a minority stake in Hamburg's terminal operator HHLA (submitted in October 2023), on September 4, 2024, the Hamburg Parliament (Bürgerschaft) took an important, though not final, step towards the Aponte family's entry into its port jewel: it approved in second reading, with a two-thirds majority (75 out of 105 parliament members), MSC's acquisition. The majority comprised Socialists and Greens, who voted in favor despite union opposition to the transaction.
The agreement provides that MSC will acquire 49.9% of Hamburger Hafen und Logistik, while the remaining 50.1% of the shares will remain in the hands of the City of Hamburg. The Aponte family group will pay €16.75 per share, amounting to a total of approximately €233 million. It is precisely over the price that protests have arisen, with some, including former president of the Port Industry Association Gunter Bonz, arguing that the price is too low and that the city is selling off its shares. In this regard, CDU MP Götz Wiese and left-wing port expert Norbert Hackbusch have filed complaints with the European Commission, claiming that the purchase price is too low and could constitute illegal state aid in favor of MSC.
The unions' opposition, on the other hand, is based on fears of job losses, emphasizing that the deal gives MSC significant veto power over strategic matters. The Ver.di union also notes that the agreement will allow MSC to implement layoffs after five years and even terminate the collective agreement. Despite this stance, Ver.di's vice president, Christine Behle, approved the transaction, along with other workers' representatives on HHLA's supervisory board.
In addition to the supervisory board, HHLA's management board had already expressed support for the deal, believing that MSC's entry will bring new container traffic and investments to the Port of Hamburg as early as 2025. Furthermore, MSC has announced the relocation of its German headquarters to the city, thus creating more jobs. However, the Hamburg Parliament's vote does not mark the end of the acquisition process.
On the contractual front, the business combination agreement between the City of Hamburg, MSC, and HHLA must still be finalized. The terminal operator’s management board is working closely with the supervisory board to iron out the remaining details in the coming weeks. Lastly, the agreement will need to receive approval from the European Commission, where it could face hurdles due to complaints filed by some German politicians opposing the sale, which the Commission will have to consider.
