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German government approves Cosco minority investment in HHLA

Photo: HHLA/Thies Rätzke HHLA terminal with Cosco ship
The German government has approved the acquisition of a minority stake of less than 25% in the operating company HHLA Container Terminal Tollerort GmbH (CTT) by Cosco Shipping Port (CSPL).

Angela Titzrath, Chairwoman of HHLA's executive board, declared: “We appreciate that a solution has been found in objective and constructive talks with the Federal Government. Our long-standing Chinese partner COSCO Shipping Ports can acquire a minority share of less than 25% in the operating company of Container Terminal Tollerort (CTT) GmbH in Hamburg.”

With CSPL's investment, CTT will become a preferred hub for Asian traffic.

HHLA and CSPL had signed an agreement in September 2021 according to which COSCO Shipping Port would acquire a minority share of 35% in Container Terminal Tollerort. Although both companies immediately submitted the necessary documents to the Federal Ministry of Economics, the review process dragged on until well into 2022. 

In August, HHLA and CSPL agreed to an extension of the deadline until 31 October in order to bring the process to a successful conclusion.

TAGS: Europe