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Shipping giant MSC’s offer to Global Ports

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Aysel Yucel

Mediterranean Shipping Company (MSC), one of the largest shipping companies in the world, which made record profits during the pandemic, has taken steps to add a new company to its investments.

MSC, based in Switzerland, is on the table to acquire a majority stake in Global Ports Holding, owned by Turkish businessman Mehmet Kutman.

Global Ports, listed on the London Stock Exchange, confirmed MSC’s offer to purchase shares. Global Ports Holding PLC (GPH.L), the world’s largest cruise port operator owned by Turkish businessman Mehmet Kutman, announced Wednesday that it has received an offer to sell shares from Switzerland’s MSC. Shares of Global Ports, traded in London, rose after this announcement and were at their highest level in the past two years. Global Ports has 26 ports in 14 countries.

GYH: The negotiations continue

Global Investment Holdings, on the other hand, released a statement to the Public Disclosure Platform on the matter and said that negotiations between Global Port and SAS are continuing and that there is no final offer yet.

The statement issued by GIH to KAP is the following: Our indirect subsidiary, Global Ports Holding Plc (GPH), has taken into account the news on some media, in the “City Code on Takeovers and Mergers”, which regulates the code of conduct in on acquisitions and mergers of listed companies in the United Kingdom. “(hereinafter referred to as the” Code “), pursuant to rule 2.4 of SAS Shipping Agencies Services SaRL (” SAS “), a wholly owned subsidiary of MSC Mediterranean Shipping Company Holding SA (“MSC”), GPH’s announced that it has taken an approach to a possible takeover bid on all of its shares and that negotiations are continuing.

In the aforementioned statement it is stated that the assessments regarding this matter are at an early stage, there has been no decision on a proposed purchase of the shares of GPH, whether such an offer will be made in the end and / or there is none. certainty about the terms of a possible offer.

Our Company, which holds the majority of the shares in GPH, has not made any binding decisions on this matter.

As stated in the declaration made by GPH, in the subsequent period SAS has the firm intention to formulate a proposal for GPH pursuant to article 2.7 of the Code by 17:00 of 13.07.2022; or that it will not make any offers in such a way that rule 2.8 of the Code is valid. In accordance with Rule 2.6 (c) of the Code, this period may be extended with the approval of the Takeover Panel, the regulatory body responsible for enforcing the Code.

MSC, which made record profits during the pandemic, hunts for companies

The Swiss shipping company MSC, owned by the Italian Aponte family, not only owns the largest fleet of container ships in the world, but also operates the third largest cruise company. In shipping, where more than 80% of global commercial cargo is transported, the container crisis with the pandemic has caused a record increase in freight and the daily earnings of ships have increased nearly 10 times. Shipping companies achieved historic profitability especially in 2021 MSC, one of the two largest shipping companies in the world, while ordering dozens of new ships, as its rival, the Danish Maersk, went on the hunt for companies in the logistics sector. .

MSC recently agreed to purchase Bollore Africa Logistics for $ 6 billion and in March acquired a stake in Italian ferry operator Moby and formed a joint venture earlier this year. It also made an offer with Lufthansa to acquire ITA, Alitalia’s successor.

It also took steps to acquire a majority stake in the Brazilian regional container shipping operator Log-In Logistica.

MSC’s fleet of container ships exceeds 4.2 million TEUs. The company has nearly 60 ship orders in global shipyards. The company also has 19 cruise ships.

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