The German government is close to reaching a compromise on a Chinese bid to acquire a stake in a Hamburg port terminal, sources told dpa on Tuesday.
Under the agreement, China's Cosco Group will be allowed to acquire a 24.9% stake in the Tollerort terminal instead of the previously foreseen 35% stake, the sources said, referring to it as an "emergency solution."
A 24.9% stake would not enable Cosco to exert any substantive influence on the terminal's management.
Cosco had last year made a bid to take a 35% stake.
A source at the Hamburg port logistics company HHLA, which is selling the stake, said the compromise is likely to be agreed to by the Chinese company.
The news comes after several ministries expressed concern over the planned acquisition because it involves critical infrastructure.
Economy Minister Robert Habeck warned that it was not wise to become dependent on any one country in light of Germany's ongoing dispute with Russia regarding gas deliveries.
Marie-Agnes Strack-Zimmermann of the pro-business FDP, a junior member of the German coalition, called the new proposal a mistake.
"The 'compromise' with a lower Chinese participation is another momentous mistake in times of great uncertainty," she said.
The cabinet of Chancellor Olaf Scholz is working on a compromise solution, government sources confirmed to dpa.
According to this, the Chinese Cosco group is to participate in the terminal run by Hamburg port logistics company HHLA, as agreed more than a year ago. However, the Chinese are now to take only a 24.9% share.
The federal cabinet is to decide on the compromise on Wednesday, according to the government sources.
After recent experiences with Russia and the dependence on its gas supplies, a political dispute broke out over the question of whether China should be allowed to take such a large stake in a key piece of German infrastructure.
China's Cosco operates the world's fourth largest container shipping company. Its ships have been calling at the Tollerort terminal in Hamburg for more than 40 years. In return for the stake, Cosco wants to make the CTT a preferred transshipment point in Europe.
