Hamburg Port to Sell Stake to China’s Cosco After Scholz’s Push
- German government agrees on Cosco to buy 24.9% stake
- Stake in terminal is just shy of a blocking minority
This article is for subscribers only.
The German government has agreed on a compromise which will allow Chinese state-owned shipping conglomerate Cosco Shipping Holdings Co. to buy a 24.9% stake in one of Hamburg’s port terminals.
Chancellor Olaf Scholz and his ministers, many of whom were opposed to the plan, reached the deal prior to Wednesday’s cabinet meeting, according to a person familiar with the matter who asked not to be named on confidential talks. The cabinet gave its approval, the economy ministry said.