Hamburg cancels HHLA auction, opts for 30% IPO instead
The city state of Hamburg in Germany has cancelled the 49 percent sale of terminal operator Hamburger Hafen und Logistik AG (HHLA), and decided instead to offer 30 percent of the company through an initial public offering.
Australia’s Macquarie Bank and German construction and property group Hochtief AG were reportedly the last remaining bidders for the stake after the city senate dismissed bids by Deutsche Bahn and Dubai Ports World for “strategic issues.”
The prospect of the sale prompted German trade unions to threaten to ban all overtime by port workers at the Port of Hamburg, which would cause serious delays to shipping as overtime is said to cover about one-third of the port’s work.
Hamburg cancels HHLA auction, opts for 30% IPO instead
