Hamburg, Germany – Hamburger Hafen und Logistik AG (HHLA) and Cosco Shipping Ports have successfully concluded the acquisition of a minority shareholding in Container Terminal Tollerort (CTT).
Under the agreement, Cosco Shipping Ports CSPL has secured a 24.99% stake in HHLA’s Container Terminal Tollerort, located in Hamburg, Germany. This percentage is lower than the originally planned 35%, which faced opposition from political circles in Germany.
HHLA expressed its enthusiasm for the partnership, stating, “CTT will now be developed into a preferred handling location for HHLA’s long-term customer Cosco, where freight flows between Asia and Europe are to be concentrated. The collaboration between the partners thus strengthens the Free and Hanseatic City of Hamburg’s position as a logistics hub in the North Sea and Baltic region, as well as Germany’s standing as an industrial nation.”
The transaction was initially proposed in September 2021 when Grand Dragon, a wholly-owned subsidiary of Cosco Shipping Ports, sought to acquire an interest in Container Terminal Tollerort. The deal, which had experienced multiple delays, finally gained approval from German authorities last month, with the condition that the terminal acquisition percentage be reduced from 35% to 24.99%.
Fuente: SeaTrade Maritime News
