The executive board and the supervisory board of HHLA, the main operator of Germany's biggest port, have recommended to the shareholders that they accept the offer tabled by MSC. In October the Federal Financial Supervisory Authority (Bafin) in Berlin also green-lighted the deal, which has since come under fierce criticism from local players and employee representatives.

MSC's offer ends on November 20, and the closing of the transaction is subject to certain regulatory approvals and the approval of the parliament of the city-state of Hamburg.

HHLA generates more than half of its revenue by operating container terminals in Hamburg, Odessa, Tallinn, and Trieste, with HHLA's three container terminals in Hamburg achieving a local market share of 75 per cent. HHLA also generates just under 40 per cent of its revenue with its intermodal segment, Metrans.

As part of its move into Hamburg, MSC plans to expand cargo throughput in HHLA terminals as early as 2025 and reach a minimum volume of one million TEU from 2031. The company will also build a new German headquarters in Hamburg after closing, with between 500 and 700 employees in the city. HHLA has signed a binding preliminary framework agreement with MSC and the city of Hamburg on key aspects related to securing the company and its business model in the long term, with certain individual points set to be finalized in the coming weeks.

The deal will see, subject to the approval of the Hamburg parliament, the joint venture provides HHLA with additional equity capital of EUR450 million for investments in business operations over the next few years.