HHLA to Go Private: Hamburg and MSC Consolidate Control
Hamburg, February 11 – The Hamburg-based port and logistics group HHLA, the largest port operator in Hamburg, is set to be delisted from the stock exchange. This decision, driven by the city of Hamburg and the shipping company MSC, aims to reduce costs and consolidate control. Discussions regarding the delisting process were held on Tuesday by the Economic Committee and the Committee for Public Enterprises in the Hamburg Parliament.
End of an Era: Nearly Two Decades After IPO
This move marks the end of a chapter in HHLA’s more than 140-year history. Nearly two decades after its initial public offering, HHLA shares will no longer be freely traded. This is possible because the city and MSC now jointly hold more than 95 percent of the shares. This supermajority stake meets the legal requirement to compulsorily squeeze out the remaining shareholders.
Shareholder Squeeze-Out and Legal Challenges
During the so-called ‘squeeze-out’ process, the value of the shares will be determined by an expert appraisal. A price at which the remaining shareholders will be compensated is expected to be finalized by spring. However, some individual shareholders have already announced their intention to legally challenge the forced exclusion. The Annual General Meeting, scheduled for June, will also need to approve the delisting, though this is largely considered a formality given the existing majority shareholdings.
Economic Senator Rules Out Job Cuts Amidst Partnership
The partnership between MSC and the city of Hamburg was announced in 2023. This collaboration faced significant resistance from the workforce, the ver.di trade union, and opposition parties in the Hamburg Parliament. Economic Senator Melanie Leonhard (SPD) has explicitly ruled out any job losses as a result of the new cooperation. MSC has committed to the city and HHLA to bring at least half a million additional containers to Hamburg this year.
Automation and Future of Hamburg Port
Meanwhile, the new HHLA CEO is actively pursuing further automation of the port operations. The first three remote-controlled container gantry cranes are now operational in Altenwerder, a development the CEO describes as a significant leap forward. This focus on technological advancement is part of the broader strategy to enhance the port’s efficiency and competitiveness.
Previous Leadership Changes and Severance Package
The recent period has also seen changes in HHLA’s leadership. Following the resignation of Rüdiger Grube as Chairman of the Supervisory Board, his successor has been appointed. Furthermore, the outgoing HHLA CEO, Angela Titzrath, received a severance package of 1.58 million euros for her early departure, as confirmed by Supervisory Board Chairman Grube at the HHLA Annual General Meeting.
Ongoing Developments and Broader Context
The delisting of HHLA is a significant development for the port of Hamburg, reflecting a strategic shift towards a more consolidated ownership structure. While the move aims to streamline operations and reduce costs, it has also sparked debate and legal challenges from minority shareholders. The commitment to no job losses and the continued investment in automation highlight the dual focus on efficiency and workforce stability within the port’s future plans.
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Source: NDR 90,3, NDR.de
