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Scholz Rebuffs Cabinet to Allow China Bridgehead at Hamburg Port

  • Government close to reaching compromise, official says
  • Deal would be face-saving solution for German chancellor
A container ship at the Port of Hamburg, Germany.

A container ship at the Port of Hamburg, Germany.

Photographer: Krisztian Bocsi/Bloomberg
Updated on

The German government is close to reaching a compromise over a disputed sale of a stake in a Hamburg container terminal to China’s state-owned shipping conglomerate Cosco Shipping Holdings Co.

Chancellor Olaf Scholz and his ministers, many of whom were opposed to the deal, may agree on a sale of a reduced 24.9% stake to Cosco, a government official said, who asked not to be identified because the talks are confidential. The stake is just shy of what’s considered a blocking minority in Germany.