COSCO SHIPPING

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

Cosco intends to acquire 80 percent of Hamburg freight forwarder Zippel; the economics ministry has moved the investment screening procedure into a second, months‑long round. The Federal Office for the Protection of the Constitution has voiced concerns about possible cumulative acquisition projects as Cosco expands its presence in port and hinterland operations. Zippel has 350 employees and around €75 million in revenue; management stresses that jobs in Hamburg will be preserved and no sensitive data are affected. » More on faz.net