MSC Mediterranean Shipping Company progresses in its proposed investment in HHLA (Hamburger Hafen und Logistik Aktiengesellschaft), the operator of the port of Hamburg. The first phase of the tender offer process has been completed, with more than 4.4 million A shares tendered, representing approximately 16 percent of HHLA's share capital. The joint venture partners, MSC and the City of Hamburg, now control over 86 percent of the total share capital. The second phase is mandatory and runs until December 7, with MSC expressing good progress in completing the proposed acquisition. The deal is expected to strengthen Hamburg's competitive position in ocean shipping and logistics.

SOURCE: GOOGLE