The agreement provides Cosco Shipping Ports CSPL with an interest of 24.99% in HHLA’s Container Terminal Tollerort (CTT) in Hamburg, Germany. The stake is lower than the 35% originally planned the level of which ran into political opposition in Germany.
“CTT will now be developed into a preferred handling location for HHLA’s long-term customer Cosco, where freight flows between Asia and Europe are to be concentrated. The collaboration between the partners thus strengthens the Free and Hanseatic City of Hamburg’s position as a logistics hub in the North Sea and Baltic region as well as Germany’s position as an industrial nation,” commented HHLA.
The transaction was initially made in September 2021 in relation to the acquisition of interest in Container Terminal Tollerort by Grand Dragon, a wholly-owned subsidiary of Cosco Shipping Ports, which had been postponed several times and had moved forward finally last month after the German authority gave a nod at the deal in the conditions of cutting down the terminal acquisition percentage from 35% to 24.99%.
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