Germany allows China’s Cosco to take 24.9% stake in largest port: sources
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
THE German Cabinet approved on Wednesday (Oct 26) an investment by China’s Cosco for a 24.9 per cent stake in one of logistics firm HHLA’s three terminals in Germany’s largest port in Hamburg, government sources told Reuters.
This is less than the initially planned 35 per cent stake that the Chinese shipping giant had aimed for and comes a week before Chancellor Olaf Scholz is due to travel to China.
The compromise was negotiated after significant political resistance against the deal. Economy Minister Robert Habeck was among the politicians that said that Germany should avoid Chinese investment in critical infrastructure if possible.
Supporters of the deal say it will allow Hamburg, where Scholz was mayor for seven years, to keep pace with rival ports that are also vying for Chinese trade and some of which are partly owned by Cosco. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
