COSCO SHIPPING

After months of review, the German government has barred Cosco from buying an 80 percent stake in Hamburg logistics firm Zippel, citing security concerns. The Economy Ministry warns of deepened dependencies, risks to the resilience of supply chains and possible transports of defense-related goods. While the competition authority raised no objections, the domestic intelligence service reported concerns about data access and political influence. The veto comes against the backdrop of a tougher German and European stance toward China. » More on zeit.de

The federal government has blocked the planned sale of the Zippel Group to the Chinese shipping company Cosco. The decision was justified by security concerns: a change of ownership to Cosco would deepen dependencies and endanger the stability of German and EU supply chains. Cosco had wanted to acquire 80 percent; Zippel CEO Axel Plaß planned to keep 20 percent and the day-to-day business was to continue unchanged. The Federal Cartel Office had previously approved the sale on competition grounds; the domestic intelligence service had raised security concerns. » More on wiwo.de

The federal government has prohibited the sale of Hamburg logistics firm Zippel to Cosco over security concerns. Officials fear the takeover would deepen dependencies and endanger the stability of German and EU supply chains. Cosco had sought to acquire 80 percent; Zippel managing director Axel Plaß would have retained 20 percent and continued running the company; day‑to‑day operations are to remain unchanged. The Bundeskartellamt had approved the sale on competition grounds, but the Verfassungsschutz raised concerns, prompting the Federal Ministry for Economic Affairs to issue a prohibition order. » More on finanzen.net

The German government is examining an investment review procedure and reportedly wants to prevent the Chinese state-owned shipping company Cosco from taking over the Hamburg transport firm Konrad Zippel. The move is prompted by serious security concerns and fears of dependencies that could be used as leverage. From a competition-law perspective the Federal Cartel Office had allowed an 80 percent takeover, but the Federal Office for the Protection of the Constitution had already raised objections. Konrad Zippel's business operations continue unchanged; Cosco also holds 24.99 percent of the Tollerort terminal. » More on finanzen.net

The federal government plans to stop the proposed 80 percent stake by Chinese state shipping company Cosco in Hamburg freight forwarder Konrad Zippel. Despite approval from the Federal Cartel Office, several ministries and the domestic intelligence service see significant security risks because of strategic dependencies and possible impairment of logistical support for the Bundeswehr. Zippel operates on key transport routes between Hamburg, Bremerhaven and eastern Germany and holds market shares of 35 to 90 percent at individual terminals, which is why a sale is seen as a potential extortion and espionage risk. » More on n-tv.de