MSC to Delist HHLA, Excluding Minority Shareholders Amidst Criticism

MSC, the world's largest container shipping company, has initiated a process to delist the Hamburg Port and Logistics Company (HHLA) by excluding minority shareholders. The decision was made at the annual general meeting on June 12, with HHLA announcing it the following day. Investors will receive 21.16 euros per share as compensation in a compulsory buy-out, which will take effect once the new company is registered.

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The squeeze-out involves less than 5 percent of shares and is necessary for HHLA to leave the stock exchange.

This move has drawn criticism from some major independent shareholders who argue that MSC is expanding its influence. They express concerns about reduced transparency and public oversight, as well as a diminished ability for co-decision-making. In 2023, MSC had previously offered 16.75 euros per share through a subsidiary, making the current compensation more than a quarter higher.

The compulsory buy-out is legally possible because the city of Hamburg and MSC, through a subsidiary, already owned over 95% of HHLA's listed shares. MSC acquired its stake in HHLA in November 2024, a move that previously sparked protests from trade unions. The agreement stipulates that the city of Hamburg will retain a 50.1% majority stake in the company, which operates container terminals in Hamburg and internationally.

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The owners of the company are of the opinion that such action will give them greater freedom in implementing strategic plans, and the low level of shares in free circulation indicates that the company does not actively use financing through the stock exchange.

Maciej Brzozowski, head of the Polish representation of Hafen Hamburg Marketing e.V., explained that the squeeze-out involves less than 5% of shares and is necessary for HHLA to leave the stock exchange. He stated that the company's owners believe this action will grant them greater freedom to pursue strategic plans, and the low level of free-float shares indicates the company does not actively use the stock exchange for financing. Brzozowski also noted that MSC has committed to increasing throughput in Hamburg to 1 million TEU from 2031, a development he considers neutral for Polish ports as it primarily affects the German market. He added that vertical integration is advanced in North European container ports, giving shipping lines significant influence over terminal capacity, and Hamburg is adapting its strategy accordingly.

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It will not have a direct impact on turnover at Polish terminals, as it is a different market. It only means an increase in Hamburg's role among North Sea ports serving clients from the same market (mainly German).