Hamburger Hafen und Logistik AG: German government approves CSPL’s minority stake in HHLA Container Terminal Tollerort subject to conditions

Hamburg, 26 October 2022

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German government approves CSPL’s minority stake in HHLA Container Terminal Tollerort subject to conditions

By cabinet resolution of October 26, 2022, the German government approved the acquisition of a minority stake in HHLA Container Terminal Tollerort (CTT) by the Chinese company COSCO Shipping Ports Limited (CSPL), subject to conditions. The conditions include, in particular, a limitation of the share of voting rights to 24.99 percent. According to a press release from the German Federal Ministry for Economic Affairs and Climate Action (BMWK), the acquirers will also be “prohibited from otherwise acquiring an effective interest of control of HHLA CTT that goes beyond the influence conveyed by a share of voting rights below 25 percent.” The parties have not yet received the concrete text of the decision.

The decision was preceded by an investment review by the German government lasting 13 months, as is required for the acquisition of shares by companies from non-EU countries.

Originally, the contracting parties had agreed on a 35 percent minority shareholding by CSPL in the Hamburg-based operating company Container Terminal Tollerort GmbH. The corresponding contract had been signed by both parties on September 21, 2021.

HHLA and CSPL will exchange views on the next steps based on the specific framework conditions after the BMWK has delivered its decision.