COSCO/CTT deal takes next step

COSCO/CTT deal takes next step

Hamburger Hafen Und Logistik (HHLA) and COSCO Shipping Ports Limited (CSPL) are reportedly close to finalising the agreement for the investment in HHLA’s Container Terminal Tollerort (CTT).

Referring to the publication of a mandatory announcement by CSPL on the Hong Kong Stock Exchange on 6 January 2023, a HHLA spokesperson stated: “We can confirm that in objective, constructive talks between HHLA, CSPL and the Federal Ministry for Economic Affairs and Climate Action, it has been possible to agree on concrete conditions for CSPL’s participation in CTT.”

HHLA’s representative added that the parties are currently in talks to clarify the final details and are aiming to finalise the transaction soon.

The German government approved the acquisition of a minority stake of less than 25 per cent in CTT in October 2022, stressing that neither CTT, nor HHLA, nor the Port of Hamburg will be sold to China.

Reported by Reuters in November 2022, China fired back at the US saying the country has “no right” to interfere in cautioning against the investment since the deal is between China and Germany only.

The parties have agreed not to disclose the contents of the agreement.

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