Germany has blocked Chinese state-owned shipping company Cosco from acquiring an 80% stake in Hamburg logistics firm Zippel, citing security concerns.
– An Economy Ministry spokesman said after a Cabinet meeting Wednesday that the ministry would issue a formal prohibition order, German news agency dpa reported.
– “The reason for the prohibition is security concerns. The acquisition would have deepened dependencies and jeopardized the resilience of supply chains in Germany and the EU,” the spokesman said.
– Germany welcomes foreign investment, he said, but its laws allow the government to review foreign acquisitions of German companies on a case-by-case basis.
– The standard considers whether a deal is likely to threaten public order or security, he added.
– Cosco is among the world’s largest shipping companies by cargo volume. It already holds a 24.99% stake in Hamburg’s Tollerort container terminal.