Hamburg port operator HHLA skyrockets after MSC takeover bid

Hamburger Hafen und Logistik AG

13/09/2023 10:13

(Adds analyst comment)
    ** Shares in Hamburg port operator HHLA  HHFGn.DE  surge 45%
to their highest in 19 months after Swiss MSC Mediterranean
Shipping Company announced a takeover offer 
    ** MSC offers to buy HHLA's all A-class listed stocks for
16.75 euros per share, against Tuesday's closing price of 11.54
euros
    ** Stifel analyst Marc Zeck says the multiple is "not really
demanding" given recent mergers in the sector
        ** He notes that the stock traded at low levels due to
concerns of further market share erosion
  
        ** "Now, if MSC as the largest ocean carrier commits to
bring additional volume to the port, that would obviously
address the main concern of investors and thus warrants a higher
valuation," Zeck adds
  
    ** HHLA, which manages Germany's biggest port, has posted
EBIT for H1 halving to 50.4 million euros ($54.13 million) due
to a slowdown in the global economy, and lowered its annual
forecast
    ** The city of Hamburg currently owns around 69% of HHLA's
listed A-shares and all of its unlisted S-shares  
    
     
($1 = 0.9315 euros)

 (Reporting by Andrey Sychev)
 ((Andrey.Sychev2@thomsonreuters.com; Twitter: https://twitter.com/sich_11))