China's COSCO can buy minority stake in Hamburg container terminal

The Chinese state-owned company COSCO is to be allowed to acquire only 24.99% of the shares in the Hamburg container terminal Tollerort, after months of argument within Germany's coalition government.
The decision was announced by the government's spokesman, Steffen Hebestreit, in Berlin on Wednesday.
COSCO originally wanted to take over 35% of the operating company of Container Terminal Tollerort GmbH (CTT). However, a fierce political dispute had erupted over whether any Chinese participation should be allowed.
German Chancellor Olaf Scholz had been in favour of the acquisition, but the terminal was reclassified as "critical infrastructure," and the Cabinet decided last October on a partial prohibition, which allowed COSCO to acquire a stake of less than 25% in the company.
The government has now confirmed "that the revised purchase agreements are in line with the conditions of the partial ban."
It emphasized that the Tollerort container terminal is now considered to be an operator of critical infrastructure in accordance with legal requirements, and that the Cabinet decision from the end of October remains in place.
The Hamburg harbour's operating company HHLA said the deal could now be finalized "in a timely manner."
According to HHLA, China is currently the largest trading partner of Germany and the Port of Hamburg. Around 30% of the goods handled in the Port of Hamburg come from China or go there.
The port said the Chinese company's minority shareholding would secure employment and strengthen Hamburg's national and international importance as a logistics location, and Germany's as an industrial nation.