Port of Hamburg Beteiligungsgesellschaft, a wholly owned indirect subsidiary of MSC Mediterranean Shipping Company, has agreed to acquire a majority stake in Hamburger Hafen und Logistik (HHLA), a leading port in Hamburg.

The MSC subsidiary is offering €16.75 per A share for each share with a par value of €1, according to an announcement by HHLA.

"The bidder further informed that MSC and the Free and Hanseatic City of Hamburg (FHH) have today entered into a binding agreement in connection with the takeover bid setting out the fundamental parameters and conditions of the takeover bid and the mutual intentions and understandings of the parties with regard to the company. The agreement provides that HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement (HGV), a wholly owned subsidiary of the City of Hamburg, will transfer the A-shares it holds to the offeror upon completion of the offer by means of a capital increase against contribution in kind and in return acquire shares in the offeror (the "Contribution"). If, upon completion of the offer and contribution, the bidder owns 100 percent of the A shares, HGV will own 50.1 percent and MSC 49.9 percent of the offeror's share capital. To this end, HGV will transfer part of the shares in the offeror acquired in the course of the contribution to MSC or a subsidiary of MSC. If, after completion of the tender offer and completion of the Contribution, the offeror owns less than 100% of the A-shares, the shareholder relationships with the offeror will be aligned in such a way that HGV indirectly owns 50.1% of the A-shares."

HHLA's Executive Board, in close consultation with the Supervisory Board, will assess and evaluate the announced offer in the interest of the company, safeguarding the interests of all stakeholders. "HHLA will inform the capital market and the public accordingly in accordance with applicable law," the press release added.