HAMBURG (dpa-AFX) - For port logistics company HHLA, the controversial Chinese participation in a terminal in the Port of Hamburg is as good as wrapped up, but for potential partner Cosco, it is still a long way off. "We can confirm that in factual, constructive talks between Hamburger Hafen und Logistik AG (HHLA), CSPL and the Federal Ministry of Economics and Climate Protection (BMWK), we have succeeded in agreeing on concrete conditions for CSPL's participation in HHLA Container Terminal Tollerort GmbH," an HHLA spokeswoman said in Hamburg on Friday. Final details are now being clarified in order to be able to conclude the transaction promptly.

The statements by the HHLA spokeswoman were also preceded on Friday by a mandatory announcement by Cosco Shipping Ports Ltd (CSPL) on the Hong Kong stock exchange. According to this, Cosco sees the matter as far from advanced. It said work had been done on meeting the no-objection conditions and finalizing the transaction. But there is no assurance "that the transaction will take place or when it can take place," it said. At the same time, Cosco advised shareholders and potential investors to exercise caution when trading in the company's securities.

Cosco originally wanted to acquire 35 percent of the operating company of Container Terminal Tollerort (CTT) GmbH in exchange for upgrading the terminal to the preferred transshipment hub in Europe. However, under the impression of the recent experience with Russia and the dependence on its gas supplies, a fierce political dispute had flared up over the question of whether Chinese participation should be allowed. Against this background, the German government ultimately decided on a so-called partial prohibition, which only permits the acquisition of shares below 25 percent. Any further acquisition above this threshold was prohibited.

According to HHLA, the Cosco Group, which has had the ships of its world's fourth-largest container shipping company handled at CTT for around 40 years, and HHLA then agreed on the specified minority shareholding in October. The parties have agreed not to disclose the contents of the contract. However, details of the agreement were supposed to have been clarified by the end of last year.

According to HHLA, the Hamburg port logistics company will retain sole control over all major decisions in the event of a Cosco stake, and Cosco will also not receive exclusive rights to the terminal. In addition, Cosco will not have access to strategic know-how, IT and sales data. Shipping company shareholdings in port terminals are not uncommon. For example, the shipping company Hapag-Loyd already has stakes in terminals in Tangier and Hamburg, while the terminal operator of the world's largest shipping company MSC says it holds stakes in 40 terminals worldwide./klm/DP/ngu