World News| German government approves COSCO to hold minority stake in Hamburg Container Terminal

BERLIN, May 10 (AP) – Germany gave final approval Wednesday to a Chinese company’s purchase of a significant minority stake in the operator of a container terminal at the Port of Hamburg, amid concerns that a larger purchase could pose a national security risk.

The government said it would stick to a compromise reached last year that barred Cosco from buying more than 24.99 percent of Hamburg port logistics company HHLA’s Tollerort terminal.

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Two junior partners in Chancellor Olaf Schulz’s coalition – the Green Party and the Free Democrats – called for the cap last year, warning that a bigger stake could give China undue control over critical infrastructure in Germany.

HHLA said the approval would make it a preferred processing location for COSCO.

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About 30 percent of the cargo handled at the Port of Hamburg originates from or is destined for China, it said, adding that the deal would be completed soon.

Cosco also has stakes in several other European ports, including Greece’s main port of Piraeus. (Associated Press)

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