(new: information from ministry circles)

BERLIN/HAMBURG (dpa-AFX) - Chinese state-owned Cosco may acquire only 24.99 percent of the shares in Hamburg's Tollerort container terminal after months of dispute, as previously planned. This was announced by the spokesman for the German government, Steffen Hebestreit, in Berlin on Wednesday. The terminal is now considered an operator of critical infrastructure, he said. Hamburger Hafen und Logistik AG) welcomed the decision to release Cosco Shipping Ports Ltd's (CSPL) minority stake in Terminal Tollerort (CTT).

Cosco originally wanted to take over 35 percent of the operating company of Container Terminal Tollerort GmbH. However, a fierce political dispute had erupted in the German government over whether to allow Chinese participation. Last October, the cabinet decided on a so-called partial prohibition, which only allows Cosco to acquire a stake of less than 25 percent. Any further acquisition above that threshold was prohibited.

According to information from the Ministry of Economics, there were "differing assessments in the evaluation of the acquisition of shares." Due to CTT's recent classification as critical infrastructure, the Ministry of Economy proposed lowering the approved shareholding threshold as part of its review, sources said. However, unanimity would be required for a material change to the existing partial ban.

Chancellor Olaf Scholz (SPD) had spoken out in favor of the acquisition. The Foreign Ministry and other departments had in the past expressed serious reservations about the Cabinet's decision. At the time of the Ministry of Economics' investment review in the fall, the terminal had not yet been classified as critical infrastructure. This happened in early 2023, according to HHLA.

The federal government confirmed "that the revised purchase agreements are in line with the conditions of the partial ban." It stressed that the Tollerort container terminal is now considered a critical infrastructure operator in accordance with legal requirements. The cabinet decision from late October remains in place, she said. "The partial ban from autumn 2022 thus remains legally valid."

HHLA said in the evening that the decision would now allow CTT to be developed into a preferred handling point for long-time HHLA customer Cosco, where cargo flows between Asia and Europe would be concentrated. HHLA and CSPL would now "finalize the transaction in a timely manner," it added. "All issues in the investment appraisal process could be clarified together in intensive, constructive talks," HHLA stressed.

According to HHLA, China is currently the largest trading partner of Germany and the Port of Hamburg. Around 30 percent of the goods handled in the Port of Hamburg come from China or go there. CSPL's minority shareholding secures employment and strengthens Hamburg's national and international importance as a logistics location as well as Germany as an industrial nation. Around 1.35 million jobs in Germany depend on the ports./klm/hrz/DP/he