HAMBURG (dpa-AFX): The City of Hamburg and Swiss container shipping giant MSC are set to take full control of port logistics operator HHLA. During Thursday's annual general meeting, the majority shareholders approved the exclusion of minority shareholders, as announced by HHLA overnight on Friday. Investors will receive compensation of €21.16 per share. This so-called squeeze-out will become effective upon its entry into the commercial register.

The Association of Ethical Shareholders criticized the expansion of MSC's influence in a counter-motion. "The risk of a growing shift in power in favor of a private global shipping group, at the expense of transparency, co-determination, and public oversight, has increased significantly," the motion stated.

MSC previously offered €16.75 per share

The City and the shipping line already held more than 95 percent of HHLA's publicly traded shares through the Port of Hamburg Beteiligungsgesellschaft. Under German stock corporation law, this threshold is required to mandate the exclusion of minority shareholders.

MSC, the world's largest container shipping line by transport volume, entered HHLA in November 2024. The move was controversial and sparked protests from labor unions. Under the agreement, the City will maintain a 50.1 percent majority stake in the group, which operates container terminals in Hamburg and abroad.

In 2023, MSC had offered shareholders €16.75 per share through a subsidiary. The final cash compensation is more than a quarter higher than that initial offer./lkm/DP/stk