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Allen & Overy advises Hamburg on entering into strategic partnership with the world's largest container shipping company

Published Date
Sep 13, 2023
Allen & Overy has advised HGV – Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH (HGV) of the Free and Hanseatic City of Hamburg on entering into a long-term strategic partnership with Mediterranean Shipping Company S.A. (MSC).

Hamburger Hafen und Logistik Aktiengesellschaft (HHLA) will in future be managed as a strategic joint venture. The majority of the shares will remain in the hands of the City of Hamburg via HGV. For this purpose, MSC will submit a voluntary takeover offer to all shareholders for EUR 16.75 per share.

The parties further agreed that MSC will increase its cargo volume handled in Hamburg from 2025 onwards to at least one million containers per year by 2031. MSC will also expand its German headquarters in Hamburg, creating more than 300 additional jobs. This also includes the subsidiary MSC Cruise and logistics. The joint venture partners further agreed on a long-term investment plan to expand terminal infrastructure.

The aim of the transaction is to create a basis for the further development of the Port of Hamburg.

The Allen & Overy team was led by Senior Counsel Dr Helge Schäfer and partners Dr Nicolaus Ascherfeld (Corporate/M&A – both Hamburg) and Dr Hans Diekmann (Corporate/M&A – Düsseldorf). Transaction advice was also provided by Dr Börries Ahrens (Antitrust – Hamburg) and Dr Udo H. Olgemöller (Foreign Trade Law, Public Law – Frankfurt). The team was further supported by senior associate Dr Jan-Benedikt Fischer and associates Dr Timo Cöster, Dr Naemi Czempiel (all Corporate/M&A – Hamburg) and Dr Philipp Steinhaeuser (Antitrust – Hamburg).

Hamburger Hafen und Logistik Aktiengesellschaft (HHLA) will in future be managed as a strategic joint venture. The majority of the shares will remain in the hands of the City of Hamburg via HGV. For this purpose, MSC will submit a voluntary takeover offer to all shareholders for EUR 16.75 per share.

The parties further agreed that MSC will increase its cargo volume handled in Hamburg from 2025 onwards to at least one million containers per year by 2031. MSC will also expand its German headquarters in Hamburg, creating more than 300 additional jobs. This also includes the subsidiary MSC Cruise and logistics. The joint venture partners further agreed on a long-term investment plan to expand terminal infrastructure.

The aim of the transaction is to create a basis for the further development of the Port of Hamburg.

The Allen & Overy team was led by Senior Counsel Dr Helge Schäfer and partners Dr Nicolaus Ascherfeld (Corporate/M&A – both Hamburg) and Dr Hans Diekmann (Corporate/M&A – Düsseldorf). Transaction advice was also provided by Dr Börries Ahrens (Antitrust – Hamburg) and Dr Udo H. Olgemöller (Foreign Trade Law, Public Law – Frankfurt). The team was further supported by senior associate Dr Jan-Benedikt Fischer and associates Dr Timo Cöster, Dr Naemi Czempiel (all Corporate/M&A – Hamburg) and Dr Philipp Steinhaeuser (Antitrust – Hamburg).

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This content was originally published by Allen & Overy before the A&O Shearman merger