Mediterranean Shipping Co (MSC) takeover offer for HHLA has been accepted by shareholders at 9.74%. In addition, MSC has purchased 12.21 percent of the HHLA shares on the open stock market.

Together with the Class A and S shares held by the City of Hamburg, the joint venture partners now hold 92.30 percent of HHLA’s share capital.

MSC made an offer, earlier this year, for 49.9% stake in Hamburg HHLA.

“The world´s largest container line MSC intends to acquire all free-floating A-Shares of Hamburger Hafen und Logistik AG (HHLA) and announced its intention to launch a voluntary public takeover offer,” various sources reported at that time.

The deal is subject to regulatory approvals and parliament approval of the Free and Hanseatic City of Hamburg. The transaction is expected to take place in the second quarter of 2024.

Angela Titzrath, chief executive of HHLA, said: “Now that the acceptance period for the share­holders has expired, the Executive Board focuses on finalising the business combination agreement between the City of Hamburg, MSC and HHLA.”

“In close cooperation with the Supervisory Board, we have already been able to set important milestones for HHLA’s future development in a preliminary framework agreement and achieve commitments for investments, our employees and customers. We are confident that we will be able to work out the remaining points in the coming weeks,” she added.

Hundreds of people demonstrated recently against the partial sale of the HHLA Hamburger Hafen und Logistik AG to the Geneva-based container line MSC Mediterranean Shipping Company.

It was a loud protest with the demonstrators chanting: “Our port – not your casino!”