German Port of Hamburg to be Sold to Chinese Company in Major Stake Deal

Germany on Wednesday finally approved the acquisition by a Chinese company of a significant stake in the operator of a strategic container terminal in the port of Hamburg.

The government said it would abide by a compromise agreed last year that prevents Cosco Shipping from acquiring more than 24.99% of HHLA, the logistics company that operates the Tularewart terminal at the port of Hamburg.

Two junior coalition partners led by Chancellor Olaf Scholz — the Greens and the Free Democrats — also demanded that percentage last year, warning that increasing the share would give China excessive control over Germany’s critical infrastructure.

HHLA said the approval would allow it to become the preferred processing location for COSCO. She added that about 30 percent of the cargo handled at the port of Hamburg is already coming from or going to China, noting that the deal will be finalized soon.

Notably, COSCO also owns stakes in many other European ports, including the main port of Piraeus in Greece.

Source: AB

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