COSCO Hamburg Deal Off?
The Economic Ministry in Germany is currently reassessing its previous decision to allow COSCO Shipping Ports (CSP) to acquire a stake in one of three terminals at the Port of Hamburg operated by Hamburg Hafen und Logostik AG (HHLA).
Back in October 2022, German Chancellor Olaf Scholz gave approval for the deal in which CSP would gain a minority stake of 24.9 per cent, despite strong oppositiion from across the governing coalition.
Now, however, that the facility has been classified as “critical infrastructure” the terms by which the deal will allow CSP to acquire the shareholding are under further review.
Yet some confusion remains. According to local reports Scholz’s stance on the matter “has not changed” and a spokesperson for HHLA stated that the critical infrastructure tag was in place under “pre-existing criteria” which basically means there is no “significant change” in the process.
Chinese investment in German infrastructure remains a contentious issue amongst politicians in the country, with critics citing a concerning rise in influence and risks in national security.
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