MSC Wins Approval from Hamburg Parliament for HHLA Acquisition

Following months of intense debate and opposition from unions, the Hamburg Parliament has granted its approval for MSC Mediterranean Shipping Company to acquire a 49 percent stake in Hamburger Hafen und Logistik (HHLA), the city’s terminal operator. This acquisition, first announced in September 2023, only requires final approval from the EU Commission to proceed.

MSC will invest €233 million ($258 million) to increase its stake to 49 percent, adding to the 22 percent it already acquired on the financial market by December 2023. Despite this, the City of Hamburg will retain majority control with a 51 percent stake, holding preferred shares. MSC will gain a 40-year management contract, allowing it to co-manage the operations of HHLA, which handles most of Hamburg’s container terminals.

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The deal has been promoted as a way to modernize and strengthen the Port of Hamburg, which is facing increased competition and pressure to meet environmental standards. MSC plans to increase container handling in the port to one million units by 2031 and open a regional office there. However, Ver.di, the trade union, remains firmly opposed, fearing job losses and reduced local control over operations. The union’s concerns led some workers to stage walkouts in response to the parliamentary vote.

Despite the opposition, the agreement passed with 75 percent parliamentary support. MSC has assured that there will be no layoffs for five years and continues to focus on expanding its logistics operations in Hamburg and beyond, as part of a broader strategy to integrate the port into its global logistics network.