Germany blocks sale of logistics company to China’s Cosco

The German government has blocked the sale of logistics firm ​Zippel to Chinese state-owned shipping group Cosco over security ‌concerns, the economy ministry said on Wednesday (7).

“The acquisition would have deepened dependencies and jeopardised the resilience of Germany’s and ​the EU’s supply chains,” the ministry said ​in a statement.

European governments are increasingly wary ⁠of Chinese state-owned companies’ investments in logistics and ​transport infrastructure, which they fear could provide access to ​sensitive supply chain information and create dependencies.

Germany’s antitrust authority cleared the Zippel deal in February, noting national security considerations ​fell outside its scope.
Cosco aimed to buy an ​80% stake in Zippel, which specialises in transporting containers between ‌seaports ⁠and inland destinations.

“We would have preferred a different outcome and continue to consider our business decision the right one,” Zippel CEO Axel Plass said in ​a statement, ​adding that ⁠day-to-day operations will continue as before.

Cosco, which did not immediately reply to a ​request for comment, already has a ​minority ⁠stake in a Hamburg port-based container terminal after the previous German government gave the green light in ⁠2023 ​despite strong disagreement within the ​coalition.

Source: Reuters

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