The acquisition of a minority stake of less than 25% in HHLA Container Terminal Tollerort GmbH (CTT) by China’s COSCO Shipping Port Limited (CSPL) was approved by the German government on October 26.
Ms. Titzrath expressed her desire to cooperate for HHLA in the future (Cre: Handelsblatt)
Angela Titzrath, chair of the HHLA executive board, said:
“Following the investment review process required for share buybacks of companies from non-EU countries, we now have results that enhance the future viability of HHLA and job security at the Port of Hamburg. We want to continue to develop a successful business relationship with COSCO that has been around for 40 years.”
HHLA Container Terminal Tollerort (Cre: HHLA)
“HHLA will remain an independent, listed company with the City of Hamburg as its most significant shareholder.” She further pointed out that neither CTT, HHLA, nor the port of Hamburg will be sold back to China.
In September 2021, HHLA signed a business agreement under which the Chinese company will acquire several shares in the container port of Tollerort, and the sale of the shares will be subject to the approval of the German government by the investment laws.
The review process lasts until 2022 when both companies have submitted the necessary documents to the Federal Department of Economic Affairs. Until August, HHLA and CSPL have agreed to extend the deadline to October 31 further.
Ms. Titzrath also noted that: China accounts for 20% of global economic output, far exceeding the United States, so HHLA “must and expect to maintain good relations with Chinese trading partners”.
Reported by Lucy 2022-11-10
