Shipping: Media report: Government against sale of Zippel to Cosco
The Chinese shipping company Cosco wants to buy a Hamburg-based transport company. The Federal Office for the Protection of the Constitution warns against this. According to a report, the Federal Government is now also against the transaction.
The German government is reportedly blocking Chinese state-owned shipping company Cosco's acquisition of Hamburg-based transport company Konrad Zippel due to security concerns. The Federal Ministry for Economic Affairs and Climate Action is currently investigating the takeover through an investment review process. Cosco had been cleared to acquire 80% of Zippel's shares from a competition perspective by the Federal Cartel Office in February.
The company has around 350 employees and handles goods arriving at ports in Hamburg and Bremerhaven. Cosco already holds a 24.99% stake in the Hamburg Containerterminal Tollerort.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
