Chinese Cosco bought a 25% stake in the terminal in the port of Hamburg
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Today, June 19, the Chinese logistics company Cosco signed an agreement on the purchase from the German HHLA of a stake in one of its three terminals in the port of Hamburg. Cosco buys 24.9% in this terminal. The amount of the transaction is not reported. Hamburg is now set to become Cosco’s “hop of choice” on the route of goods from China to Europe. Approximately 30% of all goods delivered to the port of Hamburg come from China.
Negotiations went on for about two years. At first, it was about the acquisition of Cosco’s 35 percent stake in this terminal. However, this option has disagreements in the German government: he was supported by German Chancellor Olaf Scholz, but sharply criticized by the ministers of economy and foreign affairs. As a result, the share was reduced so that Cosco could not influence the management of the terminal or strategic decisions regarding it.
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