Against all odds! Allow COSCO Shipping to take a stake in the Port of Hamburg

Deutsche Welle, citing sources from Deutsche Welle, said the Federal Ministry of Economic Affairs is reviewing the acquisition and plans to put the issue on the agenda of a federal cabinet meeting for a final veto. But the Federal Chancellery is on the side of German business, and Chancellor Scholz has asked the above-mentioned six ministries to find a compromise.It intends to push for the completion of the acquisition by the end of October so that COSCO Shipping can take a stake.

It is worth mentioning that the end of October is the deadline for COSCO Shipping and the Port of Hamburg to reach an agreement on the acquisition. relevant laws and regulations,If the government fails to pass a resolution banning the deal or extending the deadline by the end of the deadline, the deal is legally considered automatic.

In addition, the governor of Hamburg Zencher also supports the shareholding plan. He said that there is no need to worry that Chinese investment will cause Chinese influence to penetrate key infrastructure, because the Hamburg Port Authority has full control over the operation of the port.

According to the report, COSCO Shipping intends to acquire a 35% stake in the container terminal of the Port of Hamburg, the most important logistics hub for maritime and continental cargo transportation between China and Europe. COSCO Shipping plans to use the Port of Hamburg as China's primary transshipment hub in Europe after the acquisition.

On October 20, the German NDR radio station quoted sources as saying that when talking about opponents within the government, a spokesman for the German Hamburg Port Group bluntly stated that this simple investment transaction was politicized. He warned,If the deal falls through, the Port of Hamburg will be at a disadvantage in attracting businesses, when "our competitors Rotterdam in the Netherlands and Antwerp in Belgium will be very happy".

German Economy Minister Habeck (Green Party) is firmly opposed to COSCO Shipping's acquisition of a 35% stake in the Hamburg Tollerot container terminal, and he has led six federal government departments, including the Ministry of Economic Affairs, to warn about the acquisition. The European Commission is also skeptical of the deal, according to U.S. media reports, but the commission declined to comment "for reasons of confidentiality."

In September 2021, the German Hamburg Port Group "Hamburg Ports and Logistics (HHLA)" announced that COSCO SHIPPING Ports will acquire a 35% interest in the Tollerort Container Terminal in the Port of Hamburg at a price of 65 million euros. COSCO Shipping said that it is expected that the transaction will create new growth points for the company and continue to provide high-quality supply chain services to shipping companies around the world.

The Port of Hamburg hopes that the Chinese investment will bring greater and sustainable "planning certainty" to its container terminals. Angela Titzrath, chairman of HHLA, pointed out when she announced the acquisition of a stake in COSCO Shipping in September 2021 that the deal would make the port of Hamburg a "preferred hub", thereby "ensure that Chinese logistics are more efficiently embedded with the port of Hamburg" combine". in short:The Chinese investment can further increase the cargo throughput of the Port of Hamburg.

Hans-Jörg Heims, a spokesman for the Hamburg Port and Logistics Company (HHLA), pointed out in an interview a few days ago that he believes that this simple investment transaction has been politicized, and reiterated that Chinese companies are not buying the port itself, but investing in the operation of the port terminal. a company. He revealed,The Defense Department and the Transportation Department did not formally block the deal, despite objections from several federal departments.

Regarding the blocking of the acquisition of COSCO SHIPPING, Mao Ning, a spokesman for the Ministry of Foreign Affairs of our country, previously responded that Germany is a major trading country, deeply involved in economic globalization and international division of labor, and has the responsibility and obligation to maintain the stability of the global production and supply chain.It is hoped that Germany will abide by the principle of open market and fair competition, view Chinese investment in an objective and rational manner, provide a fair, open and non-discriminatory market environment for Chinese enterprises, and not politicize normal economic and trade cooperation, let alone engage in national security reasons. protectionism.