HHLA and COSCO signed an agreement in September 2021 under which COSCO will acquire a 35% minority stake in CTT Terminals. Under investment law, the sale of shares is subject to approval by the relevant German authorities.
There have been divisions within the relevant departments in Germany over the deal, but the German leader Olaf Scholz has made clear his support for the takeover. In the end, an agreement was reached that would allow COsco to take a 24.9 per cent stake in CTT Terminals.
Angela Titzrath, Chairman of HHLA, said: "We are pleased to have found a solution during objective and constructive talks with the relevant authorities. Under federally imposed conditions, our long-time Chinese partner COSCO Group can acquire a minority stake of less than 25 percent in Hamburg's CTT Terminal. We will negotiate with COSCO to adjust the agreement accordingly in the near future."
Titzrath added, "The cooperation between HHLA and COSCO will not create a unilateral dependency relationship. On the contrary, it strengthens Germany's supply chain, safeguards jobs, and promotes value creation. Smooth logistics is a basic requirement for global trade to flow and prosper. We look forward to continuing the successful development of our 40-year business relationship with COSCO."
CTT Terminal is strategically located to provide convenient sea access, including the berthing of large container ships, with a sound road, sea, rail and waterway network, and close links with the hinterland. It is currently serving two Far East routes, one Mediterranean route and one Baltic branch route of COSCO Cargopping.
