Chinese Cosco still gets a quarter of the Hamburg terminal

Chinese Cosco still gets a quarter of the Hamburg terminal

Chinese Cosco still gets a quarter of the Hamburg terminal

TOLLERORT

The Chinese state shipping company Cosco will not own 35%, but 24.9% of the Hamburg container terminal Tollerort. This is the outcome of lengthy discussions between Cosco, Port Authority Hamburger Hafen und Logistik (HHLA), the owner of the terminal, and the Hamburg city council. The two companies have announced that the transaction is now “close to completion”. Cosco previously bet on a stake of 35%, but has had to adjust that under pressure from public opinion.

The fact that a company essentially controlled by Beijing gains influence over an important transhipment terminal is the subject of heated debate in Germany. Several parties, including the Greens, think it is a bad idea to allow the Chinese to join the circle of owners.

The German chancellor and former mayor of Hamburg, Olaf Scholz, personally intervened in the realization of the transaction. He believes that the importance of tying Cosco to Hamburg, one of the port’s most important customers, outweighs the risks of Chinese influence on German society.

Chinese Cosco still gets a quarter of the Hamburg terminal

TOLLERORT

The Chinese state shipping company Cosco will not own 35%, but 24.9% of the Hamburg container terminal Tollerort.

This is the outcome of lengthy discussions between Cosco, Port Authority Hamburger Hafen und Logistik (HHLA), the owner of the terminal, and the Hamburg city council. The two companies have announced that the transaction is now “close to completion”. Cosco previously bet on a stake of 35%, but has had to adjust that under pressure from public opinion.

The fact that a company essentially controlled by Beijing gains influence over an important transhipment terminal is the subject of heated debate in Germany. Several parties, including the Greens, think it is a bad idea to allow the Chinese to join the circle of owners.

The German chancellor and former mayor of Hamburg, Olaf Scholz, personally intervened in the realization of the transaction. He believes that the importance of tying Cosco to Hamburg, one of the port’s most important customers, outweighs the risks of Chinese influence on German society.