Berlin (Reuters) Reuters reported that Germany’s ruling coalition may compromise by allowing China’s Cosco to have a lower share in a Hamburg port facility.
Last year, shipping giant Cosco offered to buy a 35% stake in one of logistics business HHLA’s three terminals in Hamburg, Germany’s largest port, but the German coalition was split on the transaction.
Under the agreement, Berlin would let Cosco buy 24.9% of the facility, but sources say that Germany’s economy and foreign ministries are still against it.
How the coalition handles the subject will indicate how far Germany is willing to toughen its stance on China, its major trading partner, due to fears about being unduly dependent on the increasingly assertive and authoritarian country.
Sources indicated conversations were ongoing. This comes a week before German Chancellor Olaf Scholz visits China.
China’s TableMedia.
Sources close to the negotiations told Table on Monday that Cosco might accept a lesser stake.
