Germany approves COSCO participation in Hamburg port terminal Ship’s crew

May 10 (Reuters) – Port logistics company HHLA called On Wednesday, the German government approved Chinese company Cosco’s purchase of a 24.9 percent stake in a container terminal in the Hamburg seaport, amid a political row over Chinese investment in the German economy.

A spokesman for the federal government said in a statement that Berlin had informed HHLA and Cosco that their revised deal was compatible with a cabinet decision last autumn limiting Chinese state-owned Cosco’s ownership of the terminal to less than 25%. .

The deal is also in line with Berlin’s statement that the terminal, known as Tollerort, will be declared critical infrastructure this year, the statement said.

The approval came despite Germany’s economy ministry saying last month that it was considering a decision to allow Cosco to take over the stakes.

The Chinese Foreign Ministry at the time called on Germany to proceed “objectively and rationally” in its review.

(Reporting by Nilutpal Timsina in Bengaluru and Ludwig Burger in Frankfurt; Editing by Aurora Ellis)

(c) Copyright Thomson Reuters 2023.

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