Hapag-Lloyd CEO: counter offer for HHLA would not be in our interest (updated)

Hamburger Hafen und Logistik AG

14/09/2023 15:02

(Adds details from interview, background on MSC bid)
       BERLIN, Sept 14 (Reuters) - Hapag-Lloyd  HLAG.DE  CEO
Rolf Habben Jansen said on Thursday that it would not be in the
container shipper's interest to make an offer for HHLA
 HHFGn.DE  after Swiss-based logistics giant MSC submitted its
own bid for a stake in the company.
    Speaking to Reuters in an interview, Habben Jansen said that
as a result of MSC's bid, Hapag-Lloyd could reduce its transport
to Central Europe through Hamburg to about 70 or 80% of current
volumes.
    On Wednesday, MSC, the world's biggest container shipping
company, offered to buy almost half of the main operator of
Hamburg port in a deal that could be worth nearly 1.3 billion
euros ($1.4 billion).
    Under a deal between MSC and the city of Hamburg, MSC will
make a cash offer of 16.75 euros ($17.99) per share to acquire
all listed class A stock in HHLA.
        The city of Hamburg, which owns 69% of HHLA's A shares
and all of its unlisted S-shares, would retain control of
Hamburg port with a 50.1% stake via the S-shares.
  
    A Hapag-Lloyd source reacted with consternation to MSC's
offer on Wednesday, saying that effectively paying terminal fees
to its biggest competitor under the deal would be an "affront".
        Founded in 1847, Hapag-Lloyd considers Hamburg its home
turf. It accounts for more than 50% of container handling at
Hamburg port.
  

 (Reporting by Jan Schwartz, Writing by Friederike Heine,
Editing by Miranda Murray)
 ((friederike.heine@thomsonreuters.com;))