All conditions to complete the voluntary public acquisition of Hamburg Port Authority (HHLA) by Port of Hamburg Beteiligungsgesellschaft, a wholly-owned subsidiary of MSC, have now been met. MSC announced on November 15, 2024, that the closing conditions were fulfilled the previous day, with final clearance coming from the Ukrainian Antitrust Authority after the European Commission's approval in early October. This marks a significant milestone for MSC, as the acquisition process has required a lengthy series of regulatory approvals.
The public offer targets shareholders of Hamburger Hafen und Logistik, with a payment of €16.75 for each Class A share tendered. Port of Hamburg Beteiligungsgesellschaft had already initiated the offer under existing German regulations, adhering strictly to national takeover rules without adapting to other jurisdictions. This means the entire process has been conducted in accordance with German law, which has helped ensure a high level of transparency and shareholder protection, particularly for those operating in the German market. The decision not to adapt to other jurisdictions also simplified the process, avoiding potential complications from diverse regulatory frameworks.
MSC has also confirmed that payment to HHLA shareholders who accepted the offer will be made within seven banking business days of announcing that all conditions have been met. In exchange, MSC will acquire ownership of the tendered Class A shares. The company emphasized that this payment represents a significant benefit for shareholders who decided to participate in the offer, as it provides immediate and fair financial compensation.
