European Union regulators have cleared two of MSC Mediterranean Shipping Company’s proposed acquisitions. According to The Maritime Executive, in two separate filings, the European Commission said the proposed deals would not raise competition concerns and that it would not object to the transactions.
MSC proposes to purchase of half of the controlling interest in HHLA (Hamburger Hafen Aktiengesellschaft) the operator of container terminals and provider of port services for Hamburg. The second acquisition is Clasquin, a mid-sized French international freight forwarder and overseas logistics company.
Under its agreement with the City of Hamburg, MSC will acquire a total of 49.9% of the shares of HHLA and inject new capital. The City will retain ownership control, with a 50.1% share, and the two have formed a 40-year agreement for managing the new joint venture. MSC has committed to increasing its container traffic through Hamburg to reach 1 million TEU by 2031, and to build a German headquarters in the city.
Political factions and the powerful German trade union Ver.di opposed the deal, saying it would cost jobs and cede control of the port to a foreign company. The union has staged protests and called the acquisition a “historic mistake,” for Hamburg.
MSC, based in Geneva, Switzerland, had already received approval from the Hamburg City Parliament in September for the acquisition. The October 6 clearance by the EU was the final step, but no timing has been announced for the completion.
The acquisition of the shares of Clasquin from the company’s executives is scheduled to be completed on October 9. The two senior executives of Clasquin will sell a 42 percent state and SAS will then launch a tender for the remaining shares.
