MSC makes takeover offer for listed shares of HHLA (updated)

Hamburger Hafen und Logistik AG

13/09/2023 07:30

(Adds details from statement, background)
       BERLIN, Sept 13 (Reuters) - MSC Mediterranean Shipping
Company is making an offer to buy the listed shares in logistics
company HHLA  HHFGn.DE , which runs most of Germany's biggest
port in Hamburg, HHLA said on Wednesday.
    MSC and the city of Hamburg, which owns the majority of
HHLA, have agreed a deal in which MSC will make a cash offer of
16.75 euros ($17.99) per share to acquire all class A stock in
the HHLA.
    That is well above Tuesday's closing price of 11.54 euros,
which put HHLA's market value at around 840 million euros.
    Provided MSC holds 100% of the A-shares after completion of
the takeover, it will own 49.9% of HHLA while the city of
Hamburg will hold 50.1% via its non-listed S-shares.
    The city of Hamburg currently owns around 69% of HHLA's
A-shares.    
    ($1 = 0.9312 euros)

 (Writing by Friederike Heine and Maria Sheahan; editing by
Christopher Cushing and Jason Neely)
 ((friederike.heine@thomsonreuters.com;))