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MSC's entry into the Port of Hamburg: EU approval causes excitement!
The EU approves MSC's entry into HHLA. The Hamburg port logistics provider receives strategic partnership and capital.
MSC's entry into the Port of Hamburg: EU approval causes excitement!
On October 4, 2024, the EU Commission approved the controversial entry of the Mediterranean Shipping Company (MSC) into Hamburger Hafen- und Logistik AG (HHLA). This decision marks a significant step in a process that up to this point has provoked a wide range of reactions. The Commission concluded that the merger would not significantly worsen the conditions of competition and therefore did not raise any competition concerns.
According to the EU Commission, there are enough competitors in the relevant market to ensure safe access to northern European ports and the corresponding services. This means that there is no possibility of monopoly-like control by MSC - a clear signal to those involved that the transaction was carried out in accordance with the rules of competition review.
Background of the deal
The Hamburg parliament had already approved the deal at the beginning of September. According to the information, the city of Hamburg will hold 50.1 percent of HHLA's shares, while MSC will take over 49.9 percent. This follows the red-green Senate's strategic goal of stabilizing the port infrastructure and ensuring competitiveness. In return, MSC has already announced that it will significantly increase the volume of cargo at the HHLA terminal from next year.
By 2031, MSC plans to almost double the number of standard containers shipped - a step that will benefit both HHLA and the city of Hamburg. In addition, the shipping company will build a new German headquarters in Hamburg and increase HHLA's equity capital by a total of 450 million euros.
Hamburg's Senator for Economic Affairs Melanie Leonhard was pleased with the approval by the EU Commission and the previous approval of the citizens. She described these decisions as two significant milestones for the strategic partnership between the city and MSC, which should positively influence the future development of the port.
Criticism from unions and employees
Experts who spoke at hearings called the deal a “historic mistake.” They speak out against the deal and warn of the possible negative effects on workers and the entire port industry.
Another element remains the approval of the Ukrainian authorities, as HHLA also operates a container terminal in Odessa. The economic authority has stated that with this approval all legal framework conditions have been met to complete the deal.
If everything goes according to plan, MSC's entry into HHLA could act as a decisive strategic step for everyone involved, while at the same time the fears and resistance to the deal are not insignificant. For detailed information on this topic, please refer to the reporting from www.az-online.de.