Germany plans to block Chinese state-owned shipping group Cosco from acquiring 80% of Hamburg logistics company Konrad Zippel over national-security concerns, according to a restricted government memorandum obtained by Handelsblatt.
No formal prohibition has yet been publicly announced. Germany’s Federal Ministry for Economic Affairs and Energy has previously declined to comment on individual investment-screening proceedings.
The deal would give Cosco control of 80% of Zippel through Goldlead Supply Chain Development (Europe) B.V., a Dutch company within the Cosco group.
Zippel managing director Axel Plaß would retain 20% and continue to run the business, while fellow shareholder and managing director Axel Kröger would sell his stake and leave the company.
The sale agreements were signed on 19 December 2025. The transaction was notified to Germany’s Federal Cartel Office on 22 December 2025 and received competition clearance on 20 February 2026.
The regulator found no competition concerns because Cosco is primarily active in ocean container shipping while Zippel organises onward transport from ports into the hinterland.
Foreign-investment and security issues fall outside the competition review and are handled by the Federal Ministry for Economic Affairs and Energy.
Germany’s Federal Office for the Protection of the Constitution had advised against the acquisition during the investment review. Concerns centred on the cumulative effect of acquisitions by the Chinese state-owned group in Germany and elsewhere in the European Union. Cosco already holds a 24.99% minority interest in HHLA Container Terminal Tollerort in Hamburg.
An April 2026 federal government response to parliament said Zippel was not registered as an operator of critical infrastructure under Germany’s BSI legislation, while more detailed answers on the transaction were classified.
Konrad Zippel traces its history to 1876 and has operated rail container services since 2005. Its road business has access to about 200 trucks a day for container movements in Germany and neighbouring European countries.
COSCO Shipping Holdings is a Chinese container shipping and terminal group whose ultimate parent, China COSCO Shipping Corporation, is a Chinese state-owned enterprise. It generated revenue of RMB 219.5bn ($32.7bn) in 2025.