Cosco lands in Hamburg. The Chinese state giant buys 24.99 percent of the main German port – Corriere.it
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After completing the investment review process, the German port company Hhla and the Chinese of Cosco Shipping Ports Limited have signed contracts for a minority stake in the container terminal of Tollerort (Ctt). The Chinese state-owned group acquires a stake in 24.99% of the terminal, even though it initially wanted 35%. According to Hhla, the cooperation will strengthen Hamburg’s position as hubs logistics in the Baltic Sea and Northern regions, as well as the industrial one in Germany.
About two years after the start of the negotiations, the controversial entry of the Chinese logistics giant Cosco into a container terminal in Hamburg has been signed. After completing the investment review process, the port company Hhla and Cosco signed contracts for a minority stake in the Tollerort terminal. Several federal ministries had protested against this option and the German government consequently set the quota below 25%. last October, to prevent Cosco from becoming a possible blocking minority.
According to Hhla, the cooperation with Cosco will also strengthen Germany’s industrial position: in fact, the representatives of the entrepreneurs’ association said they were satisfied. China is Germany’s largest trading partner and the port of Hamburg. About 30% of the goods handled in the port of the Hanseatic city come from or are destined for China.
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