Germany approves Cosco Shipping Ports Hamburg terminal stake
The terminal is owned by German container terminal operator, Hamburger Hafen und Logistik AG (HHLA), and the sale was approved under the conditions of reducing Cosco’s stake from 35% to 24.99%.
“HHLA welcomes the decision of the German government to approve the 24.99% minority shareholding of the Chinese company Cosco Shipping Ports in Container Terminal Tollerort (CTT). All issues within the scope of the investment screening process were clarified jointly in intensive, constructive talks,” said HHLA.
The decision will enable CTT to be expanded into a preferred handling location for Cosco while the trading and shipping demands between China and Germany will further increase.
China is currently Germany’s largest trading partner, around 30% of the cargos handled in the Port of Hamburg come from China or go to China.
“Cosco Shipping Ports will bring more shipping and logistics resources to the terminal for improving its competitiveness. Completion of the transaction will further lifting the company’s global service capability,” said Cosco Shipping Ports.
HHLA and Cosco Shipping Ports are expecting to finalise the transaction soon.
source:SeatradeMaritime
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