German government approves Chinese company COSCO taking minority stake in Hamburg container terminal

BERLIN (AP) — Germany has given final approval for a Chinese company to take a significant minority stake in the operator of a container terminal at the Hamburg port. The deal was crafted following concerns that a larger buy-in might pose a national security risk. The government said on Wednesday that it would abide by a political compromise barring COSCO Shipping from acquiring more than than 24.99% of the Tollerort terminal of Hamburg port logistics company HHLA. Two junior partners in Germany’s governing coalition demanded the cap, warning that a larger stake could give China undue control over critical infrastructure. HHLA said that about 30% of goods handled in the port already come from or go to China.