Global site navigation

Germany says controversial Chinese stake in Hamburg port to go ahead
Business and Economy

Germany says controversial Chinese stake in Hamburg port to go ahead

by  AFP 1 min read
Cosco initially sought to purchase a larger 35-percent stake in the port before a compromise agreement was announced
Cosco initially sought to purchase a larger 35-percent stake in the port before a compromise agreement was announced. Photo: Axel Heimken / AFP/File
Source: AFP

PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!

The German government said Wednesday that it would allow a Chinese firm to buy a stake in a Hamburg port, after the terminal was classed as critical infrastructure.

The government controversially gave the go-ahead in October for state-owned Chinese shipping giant Cosco to buy up to a 24.9-percent stake in the Tollerort container terminal in Hamburg.

The green light came despite security concerns over the sale of the infrastructure to Chinese investors, with Chancellor Olaf Scholz resisting calls to ban the sale outright.

In April, Berlin said it was reassessing whether to allow the sale to go ahead.

But on Wednesday a government statement said the original approval of a sale of less than 25 percent had not changed.

No more details were given about the reasons behind the decision.

PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!

Read also

Europe must reduce China renewable dependence: agency

Cosco initially sought to purchase a larger 35-percent stake in the port before a compromise agreement was announced.

Germany has been re-evaluating its economic relationship with China amid concerns over human rights and the communist country's ties with Russia, as well as the escalation of tensions over Taiwan.

In November, Germany blocked the sale of two chipmakers to Chinese investors because of security concerns around the key technology.

Germany has also capped investment guarantees for German companies doing business in China, as Europe's largest economy looks to reduce its dependence on Beijing.

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.

Hot: