The entry of the Chinese state shipping company Cosco in the operator of the Hamburger Terminal Tollerort is imminent.

Hamburger Hafen und Logistik AG (HHLA) and Cosco are currently in talks to clarify the final details.

According to a statement by HHLA, a “prompt finalization” is being sought.

"HHLA is pleased to be able to continue the cooperation with its long-standing business partner Cosco in a new quality," it continues.

Susanne Preuss

Business correspondent in Hamburg.

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The port operator was caught off guard by the geopolitical discussion about the influence of Chinese investors in the autumn.

Cosco has been a business partner of HHLA for decades and is the most important customer at the Tollerort terminal.

This close relationship was to be intensified with the Chinese taking a stake in the terminal's operating company.

In return, Cosco had promised HHLA AG that Hamburg would be developed into the preferred base.

Details of the contracts that are about to be concluded have not yet been given.

The fact that HHLA AG made any statements at all is related to a mandatory notification by CSPL (Cosco Shipping Ports Limited) via the Hong Kong stock exchange, according to which there was clarity about the entry into the Hamburg company.

"We can confirm that in objective, constructive talks between Hamburger Hafen und Logistik AG (HHLA), CSPL and the Federal Ministry for Economic Affairs and Climate Protection (BMWK) it was possible to agree on specific requirements," it said in response .

No blocking minority acquired

The two companies had already reached an agreement in principle with the federal government in October.

Accordingly, the influence of the Chinese is to be limited by keeping their stake in HHLA-Terminalgesellschaft Tollerort (CTT) at less than 25 percent, so that no blocking minority is acquired.

In addition, the Chinese partners should not be allowed a mandate in the management.

The decision was preceded by a conflict between the Chancellery and a number of ministries, which had spoken out in favor of a complete ban.

The government resolved the conflict in two steps.

On the one hand, the company that operates the Tollerort terminal, the smallest of four container terminals in the Port of Hamburg, was not classified as a critical infrastructure.

As a result, the threshold for a permit requirement according to the Foreign Trade and Payments Act rose from ten to 25 percent.

Since only 24.9 percent were now allowed, at least this entry is no longer subject to approval.

The ministries could therefore no longer lodge an objection, but a number are said to have followed the Minutes of the Foreign Office.