by Lloyd's List

4 October 2024 (Lloyd's List) - THE Mediterranean Shipping Co deal to acquire a minority stake in Hamburger Hafen und Logistik (HHLA) has been approved by the European Commission.

MSC’s subsidiary SAS Shipping Agencies will acquire a 49% stake in HHLA, which operates three of the four container terminals at the Port of Hamburg alongside a ro-ro and bulk terminal.

Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement (HGV), which represents the City of Hamburg, will retain a majority (51%) stake in the company.

The Commission concluded that “the proposed concentration would not raise competition concerns, given its limited impact on competition in the markets where the companies are active” and that “there was no risk of foreclosure or other competition concerns, due to the presence of sufficient competitors to ensure access to the services concerned and to the North European ports”.

MSC said the move “marks another important step towards the successful completion of the transaction.

“Together with the City of Hamburg as majority shareholder, we want to support HHLA and the port of Hamburg back on a growth track.

“As part of the long-lasting partnership, we will increase our presence in Hamburg as a trusted partner, and we will provide HHLA with additional equity to invest in the modernisation of its infrastructure.

“Along with the City of Hamburg, we will continue to keep the HHLA-terminals attractive for all market participants and have made far-reaching and binding commitments to HHLA’s employees to safeguard their rights.”