The German government has given approval for China’s Cosco to acquire a 24.9% stake in Hamburger Hafen und Logistik (HHLA). HHLA is the operator of the container terminal in Tollerort in Germany’s largest port in Hamburg.
- Hong Kong-listed terminal operator Cosco Shipping Ports Limited (CSPL) wanted 35%
- Tollerort is one of three container terminals of HHLA
- The approval has been given despite opposition from several German ministries. Concern centred on critical infrastructure falling into foreign hands
- The deal agreed to means that HHLA will remain an independent, listed company with the City of Hamburg as its most important shareholder.
More winning for this guy.