On Monday at midnight, the first deadline for shareholders of the Hamburg port logistics company HHLA to accept the MSC offer expired. The family-owned and Geneva-based shipping firm Mediterranean Shipping Company (MSC) aims to acquire a 49.9% stake in the most important company in Germany's largest seaport, while the city of Hamburg plans to reduce its stake from 69% to 50.1%. The management of HHLA considers the offered price of EUR 16.75 per A-share to be fair. They endorse the offer, which became known on September 13, after having received assurances from the two prospective owners regarding the company's long-term development.

If the free shareholders accept the offer, for which another deadline could be granted from November 24 to December 7, the transaction still needs approval from the European Commission and authorities of various states, as well as from the Hamburg Parliament. The procedures could extend well into the coming year. Currently, there is criticism with regard to the deal, especially from the HHLA works council, which warns against dependence on MSC, sees risks for various parts of the group, and misses a forward-looking political strategy from the city for HHLA and the Hamburg port. Employee representatives recommend that private investors and the Hamburg Parliament do not accept the offer.

One of the open questions in the course of the offer is who will lead HHLA in the future. Since the dismissal of Tanja Dreilich from the position of CFO at the end of June after barely five months in office, the board has consisted of just three members. The contract of Angela Titzrath, who has been CEO since the beginning of 2017, was extended until October 1, 2024. According to the MSC offer document, the HHLA board is expected to consist of four members in the future again. It was agreed between Hamburg and the world's largest container shipping company that the city can propose the CEO and the labor director, while the container shipping company can propose the CFO and the CTO.

There have been no signs in recent weeks that there could be a change at the top of the management. At the annual general meeting in June – before the MSC offer became known – for example, HHLA Supervisory Board Chairman Rüdiger Grube countered speculation about the replacement of Titzrath, who had held the position of Chief Human Resources Officer at Deutsche Post from 2012 to 2014 and previously had worked in various roles at the Daimler Group for a good two decades. He stated that Titzrath had made HHLA future-proof and kept the company on course even under difficult economic and geopolitical conditions. Grube, who is the former CEO of Deutsche Bahn, has already received the task from the supervisory board to seek an extension of the CEO's contract.

In an interview published in the "Hamburger Abendblatt" on November 8, Titzrath stated, that she had not considered to resign from her job. According to her statement, she can understand the procedure of the city not to involve the HHLA board in the talks with the shipping company before the MSC entry plans became known. "Of course, I would have wished that the expertise of the entire board and the supervisory board had been sought at an early stage." However, she also understands that the city of Hamburg, as the majority shareholder, which must observe certain legal framework conditions, took a different path.

She emphasized that it was important to her that the board was able to renegotiate key points for the logistics company and its stakeholders during the negotiations with the city and the shipping company. "This is an indication for me that the city trusts the board and is convinced of its competence." The recommendation to accept the MSC offer is grounded on a binding preliminary agreement for a merger, encompassing commitments for employees and customers. Furthermore, it stipulates that the city and the shipping company will inject over EUR 450 million in additional equity into HHLA for investments in business operations in the coming years.

Whether the partial sale to MSC is necessary in light of the business development is a question that must be addressed to the political decision-makers, says the HHLA CEO in the newspaper interview. The company is operationally successful and finances its investments from its own resources. "We have made HHLA a jewel in the past six years." The company has become a leading player in the transport and logistics industry in Europe, arousing not only interest from MSC but also from others, notes Titzrath. It is known that the major port client, Hapag-Lloyd, had considered the possibility to join HHLA, though not in the capacity of a junior partner to the city.

MSC plans to significantly expand its cargo handling at the HHLA terminals in Hamburg from 2025 on and aims to move 1 million steel containers over the quaysides by 2031. Improved cargo handling and increased financial flexibility for investments in terminal facilities and European hinterland business would have a significant impact on the port of Hamburg. The port has experienced a decline in market share compared to larger North Sea ports like Rotterdam and Antwerp in recent years. The logistics company will soon face the question of the board's composition. Although the timing of the supervisory board's decision is still uncertain. Personnel issues are currently "not the primary focus," according to the company's statement. In her capacity as President of the Central Association of German Seaport Operators (ZDS), the current HHLA CEO advocates for increased investment in the maintenance and modernization of ports in the five coastal states crucial of the export nation. Titzrath calls for a tenfold rise in annual federal funds to approximately EUR 400 million.