Cosco Finalizes Hamburg Port Investment

HHLA and Chinese shipping firm Cosco finalized an agreement allowing the Chinese shipping firm to take a 24.99% stake in one of HHLA’s three terminals in the Hamburg port, the German logistics firm said on Monday.

HHLA said in a statement that the approval process by the German government had been completed. Chancellor Olaf Scholz in October had pushed through a decision to let Cosco buy a 24.9% stake in the terminal – less than an initially planned 35% stake. 

The decision prompted protests within Germany’s government coalition and from abroad over concerns about increasing Chinese influence.

Source: Reuters – Writing by Friederike Heine, Editing by Miranda Murray