HHLA calls for final approval of China's Cosco investment in Hamburg port (updated)

Hamburger Hafen und Logistik AG

23/03/2023 11:19

(Adds details, background)
       HAMBURG, March 23 (Reuters) - 
    German logistics firm HHLA  HHFGn.DE  on Thursday called on
the German government to uphold its responsibility towards the
port of Hamburg and finally approve an agreed investment of
China's shipping firm Cosco  601919.SS .
        HHLA has been waiting for a final go-ahead from the
economy ministry for 18 months and now expects to hear back
soon, Chief Executive Angela Titzrath said.    
  
        "We believe we have answered all the questions," she
said at a presentation of HHLA's 2022 results. HHLA had
implemented all the ministry's requirements for the contract
with Cosco. 
  
        German Chancellor Olaf Scholz in October had pushed
through a decision to let Cosco buy a 24.9% stake in one of
HHLA's three terminals in the Hamburg port. That was less than
an initially planned 35% stake. 
  
        However, it triggered protests within Germany's 
    government coalition and from abroad
     over concerns about increasing Chinese influence.
  
        Germany's economy ministry did not immediately respond
to a request for comment. 
  


 (Reporting by Jan Schwartz, Christian Kraemer
Writing by Riham Alkousaa
Editing by Paul Carrel, Kirsti Knolle)
 ((Riham.Alkousaa@thomsonreuters.com; Twitter: @RihamKousa;))