Switzerland-based liner giant MSC Mediterranean Shipping Company gets one step closer for the acquisition of Hamburger Hafen und Logistik AG (HHLA). The decision means the deal should now go ahead after the European Commission has given the green light for the joint acquisition of HHLA.
The container major welcomes the EU Commission’s approval and looks forward to working with the terminal operator in the Port of Hamburg.
After a contentious fight, union opposition, and delays, the proposed deal for MSC Mediterranean Shipping Company gets the green light from the European Commission.
“The European Commission has cleared the joint acquisition of Hamburger Hafen und Logistik AG (HHLA) by MSC and HGV,” said on Friday October 4 the CEO at MSC Mediterranean Shipping Company, Soren Toft.
“We are one step closer to completion, awaiting the Ukraine clearance,” added the company’s chief executive Toft, adding that “we look forward to working with HHLA to support the growth of the Port of Hamburg and to further strengthen our operations across Northern Europe.”
On December 12th 2023, MSC announced in its website that – according to the preliminary binding agreement concluded between the City of Hamburg and MSC – HHLA is to be managed as a joint venture following the successful completion of the transaction. The City of Hamburg will remain the majority shareholder.
According to reports, the completion of the transaction is subject to merger control clearance in Ukraine.
If the transaction gets Ukraine clearance, all conditions for execution will have been met, and the deal will then be closed.
To remind, HHLA with its dense network of seaport terminals in Hamburg, Odessa, Tallinn and Trieste, is one of the terminal operators in the Port of Hamburg and also a major logistics company.
