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Wednesday, 26/10/2022, 11:01 (GMT +7)
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German government approves COSCO's investment in Hamburg container terminal
The German government has approved the acquisition of a minority stake of less than 25% in the container terminal operator HHLA - Terminal Tollerort GmbH (CTT) by the Chinese company COSCO Shipping Port Limited (CSPL).-GmbH-in-Hamburg---HHLA.webp)
Container Terminal Tollerort (CTT) in Hamburg, Germany (Image: HHLA)
"Following the necessary investment review as required for the acquisition of shares by companies from non-European Union countries, we now have a result that strengthens HHLA's future viability and secures jobs in the Port of Hamburg. We want to continue to successfully develop the business relationship with COSCO that has existed for 40 years," said Angela Titzrath, chair of the HHLA executive board.
Titzrath goes on to point out that neither CTT, HHLA, nor the Port of Hamburg will be sold to China. "HHLA will remain an independent, listed company with the Free and Hanseatic City of Hamburg as its most important shareholder."
HHLA and CSPL signed an agreement in September 2021 under which the Chinese company will acquire a minority stake in Tollerort Container Terminal. The sale of shares must be approved by the German government under investment law.
Both companies submitted the required documents to the Federal Ministry of Economics, but the review process lasted until 2022. In August, HHLA and CSPL agreed to extend the deadline to October 31.
Titzrath noted that China accounts for 20% of global economic output, outstripping the United States and HHLA "must and wants to maintain good relations with its Chinese trading partners".
Read more:
- COSCO Shipping orders to build 15 new methanol-powered container ships worth USD 3 billion
- TCTT Port successfully handled COSCO SHIPPING ROSE with a record draft of 15.8m
- Cosco invests 3 billion USD in new Peruvian port
Source: Phaata.com (According to HHLA)
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