Approved by the German government! This Chinese company can acquire 24.9% equity in German ports

According to Reuters, on the 10th local time, German port operator Hamburg Port and Logistics AG (HHLA) stated that the German government has approved China COSCO Group to acquire a 24.9% stake in the Tollerort container terminal at Hamburg Port.

According to China News Agency, a spokesperson for the German government stated in a statement that HHLA and COSCO Group have been notified that their newly formulated agreement is in line with the decision made by the German Cabinet in the autumn of 2022, which limits China COSCO Group's shareholding in the terminal to less than 25%. The statement added that the "Fudi" terminal was listed as a "critical infrastructure" in 2023, and this transaction also meets relevant requirements.

According to Deutsche Presse-Agentur, HHLA believes that this deal can now be finalized "in due course". This will help enhance the important position of Hamburg Port as a German and international logistics center.

It is reported that COSCO Shipping Port Co., Ltd. is a leading global port operator, with a terminal portfolio covering the five major coastal port groups in China, Southeast Asia, the Middle East, Europe, South America, and the Mediterranean. Hamburg Port is the largest port in Jerman and one of the most important hubs for European trade with China. It has rich rear collection and distribution facilities and is also an important European node for China Europe trains.

Previously, it was reported that in September 2021, COSCO Shipping Port Co., Ltd. reached an agreement with HHLA to acquire a 35% stake in "Fudi" Terminal, which was opposed by individual German media and politicians. In October 2022, the German government approved a compromise plan that allowed Chinese companies to acquire a 24.9% stake in the "Fudi" terminal.

But thereafter, the German Federal Office for Information Security listed the port as a "critical infrastructure". In April 2023, the German side began to reconsider COSCO's plan to invest in the Hamburg port terminal in Germany.

In response, Chinese Foreign Ministry spokesperson Wang Wenbin stated on April 13th that practical cooperation between China and Germany is based on voluntary cooperation among enterprises, with mutual benefit and win-win results. The German side is well aware of the background of COSCO Group's acquisition of Hamburg Port Terminal. I hope that the German side will not politicize, ideologize, or securitize normal commercial cooperation, or artificially create obstacles. China once again urges the German side to objectively and rationally view the practical cooperation between the two countries, and provide a fair, just, and non discriminatory business environment for Chinese enterprises.