MSC and City of Hamburg secure over 92 percent of HHLA shares – additional acceptance period of the takeover offer expired

Joint press release

Hamburg, Germany, 12 December  2023. Port of Hamburg Beteiligungsgesellschaft SE, a wholly owned indirect subsidiary of MSC Mediterranean Shipping Company S.A. (“MSC”), today announced the result of its voluntary public takeover offer for Hamburger Hafen und Logistik Aktiengesellschaft (“HHLA”, ISIN: DE000A0S8488) at the end of the additional acceptance period.

At the expiry of the additional acceptance period at 12.00 am CET and 06.00 pm EST on December 07, 2023, the takeover offer had been accepted by shareholders holding 7,325,366 HHLA Class A shares. In addition, SAS Shipping Agencies Services S.à r.l, a wholly owned subsidiary of MSC, acquired a further 9,184,558 A shares in HHLA on and outside of the stock exchange outside the offer procedure. Together with the Class A and Class S shares held by the City of Hamburg, approximately 92.30 percent of HHLA's share capital is now attributable to the joint venture partners.

“We are pleased with the strong result of our takeover offer. We have secured over three quarters of HHLA’s free float and, together with the City, will hold over 92 percent of HHLA’s voting rights after the closing of the transaction. This puts us in a very good position to advance our joint plans. The goal is clear: we are planning growth for HHLA and want to contribute to the Port of Hamburg playing an even bigger role in the concert of the world’s ports,” said Soren Toft, CEO of MSC Mediterranean Shipping Company.

“In order to drive forward and continue the development of HHLA, we are entering into a strategic partnership with the Mediterranean Shipping Company. The world's largest shipping company is thus making a firm and long-term commitment to the Port of Hamburg. By integrating it into another global network, we are generating additional cargo volumes and contributing to the port's development. Today's result brings us an important step further along this path,” says Dr Melanie Leonhard, Senator for Economics and Innovation of the Free and Hanseatic City of Hamburg.

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 continue to hold a majority stake of 50.1 per cent. Closing of the transaction is subject to certain regulatory approvals as well as the approval by the Parliament of the Free and Hanseatic City of Hamburg, as set out in the offer document. Subject to the fulfilment of these conditions, closing of the transaction is currently expected to take place in Q2 2024.

Further information are available on the transaction website: www.poh-offer.de.

About MSC Mediterranean Shipping Company

MSC Mediterranean Shipping Company (MSC) is a global leader in transportation and logistics, privately owned and founded in 1970 by Gianluigi Aponte. As one of the world’s leading container shipping lines, MSC has 675 offices across 155 countries worldwide. The company has evolved from a one vessel operation into a globally respected business with a fleet of 800 vessels that provides timely delivery of goods and services to customers of all industries and sizes. MSC’s activities now include overland transportation, logistics and a growing portfolio of port terminal investments. MSC’s shipping line sails on 300 trade routes and calls at 520 ports, carrying some 22.5 million TEU (twenty-foot equivalent units) annually. The MSC Group, including its passenger businesses, employs over 200,000 people worldwide.

Media contacts:

International Media Inquiries:
Global Head of Public Relations
Giles Read
media@msc.com
+41 22 595 06 15

German Media Inquiries:
Christoph Behm
christoph.behm@msc.com
+49 40 30295 1139