German government approves the 24.9 percent minority shareholding of COSCO Shipping Ports Limited in Container Terminal Tollerort
Hamburger Hafen und Logistik AG (HHLA) welcomes the decision of the German government to approve the 24.9 percent minority shareholding of the Chinese company COSCO Shipping Ports Limited (CSPL) in Container Terminal Tollerort (CTT). All issues within the scope of the investment screening process were clarified jointly in intensive, constructive talks, according to the company's release.
The decision will now enable CTT to be expanded into a preferred handling location for HHLA’s long-standing customer COSCO, where freight flows between Asia and Europe will concentrate. China is currently Germany’s and the Port of Hamburg’s largest trading partner: around 30 percent of the goods handled in the Port of Hamburg come from China or go to China.
CSPL’s minority shareholding thus secures employment and boosts Hamburg’s national and international importance as a logistics hub as well as Germany’s position as an industrialised nation. Approximately 1.35 million jobs in Germany depend on the ports. HHLA is aware of its importance when it comes to supplying companies and consumers in Germany and Europe.
HHLA and CSPL will finalise the transaction soon.
