Port of Hamburg Beteiligungsgesellschaft SE (PoH) has officially notified the board of Hamburger Hafen und Logistik AG (HHLA) of its intention to conduct a compulsory buyout of minority shareholders. This involves the transfer of all outstanding HHLA A-shares to PoH, with the payment of cash compensation. The company is thus initiating a so-called squeeze-out procedure in accordance with German corporate law.
PoH, whose shareholders are the Free and Hanseatic City of Hamburg and the MSC Group, owns more than 95% of HHLA shares. This allows it to act as a majority shareholder within the meaning of §327a of the German Joint-Stock Company Act and initiate a compulsory buyout of the remaining shares. The amount of cash compensation for minority shareholders will be determined by PoH based on the company’s valuation.
The correctness and validity of the proposed compensation will be further verified by an independent auditor appointed by the court. The squeeze-out procedure will become fully effective upon approval at the general meeting of HHLA shareholders and subsequent registration of the decision in the commercial register.