The two “owners” will also increase HHLA’s equity by €450 million. In return, MSC should obtain as many seats on the supervisory board and executive board of HHLA as the city has. A point that split.
For the powerful union Ver.di, this operation is a “political error” and a threat to jobs, not only those of HHLA but also those of other port companies such as Gesamthafenbetrieb (GHB) and Lasch-Betrieben.
In Bremerhaven, although MSC has just extended by 25 years the concession it operates with the second German handler Eurogate, there are fears of volumes leaking to the leading German port.
Clasquin validated
Brussels also does not consider that MSC’s exclusive control of Clasquin contravenes the European merger regulation. “ The planned concentration ”, which mainly concerns the markets for regular maritime transport by containers and freight forwarding by sea, “ will not raise competition concerns, given its limited impact on the markets where the companies are active “. The examination was carried out as part of the normal merger control procedure.
The agreement between the controlling bloc (the chairman of the board of directors Yves Revol and his holding company Olymp) and Shipping Agencies Services (SAS), the financial vehicle of MSC, was concluded in March. They agreed to sell their 42.06% stake at a price of €142.03 per share ($153.86). This proposal values Clasquin at €325 million, slightly below its market valuation estimated at €338.8 million.
The transaction, which still requires regulatory approval, is expected to be finalized by the end of the year. After the acquisition of the MSC, it will be necessary to file with the Financial Markets Authority (AMF) a takeover bid for the balance of the shares (44.5% free float) at an identical price per share. The Lyon group will then have to withdraw from the coast where it was introduced in 2006.
Once all the procedural steps have been completed, MSC will get its hands on one of the rare mid-sized companies in the freight forwarding sector in France, to be listed on the stock exchange and have a global reach.
It would offer rapid scaling at limited costs. Clasquin has around sixty offices located in Europe (30), Asia-Pacific (22), America (9) and Africa (5).
Last year, the group achieved 56.8% of its gross commercial margin (€143.1 million in 2023, +2.2%) with sea freight and 28.1% with air, while France represents still half of its revenues (Europe-Middle East-Africa, 15.3%, Asia-Pacific, 18.8% and Americas, 17.9%).
In 2023, the French company, renowned for respecting its financial ratios, gave in to the oblique economic situation, having recorded a turnover of €562.1 million (versus €877.1 million in 2022, -35.9 %), for a net profit down 16.1%, to €18.3 million. Gross operating surplus (€36.1 million) fell by 10.4%.
MSC seems more timid in onshore logistics, compared to Maersk and CMA CGM who have more freedom. However, he multiplies the operations. Medlog, the group’s logistics arm, acquired the British logistics company Maritime Group in September. Created 23 years ago, the company (3,000 employees) is positioned in road and rail freight across the Channel where it has 41 sites.
Adeline Descamps
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