HAMBURG's major terminal operator HHLA has revealed that the German government has cleared the purchase by China's Cosco of a 24.9 per cent stake in a container terminal in the Port of Hamburg, reports Reuters.
Berlin had informed HHLA and Cosco that their reworked deal was compliant with a cabinet decision in the fall of last year that limits the ownership of Chinese state firm Cosco in the terminal to less than 25 per cent.
The deal was also in line with Berlin declaring the terminal, known as Tollerort, as critical infrastructure this year.
The clearance comes even after German economy ministry said last month that it was reviewing a decision to allow Cosco to take the stake.
China's foreign ministry at the time urged Germany to be "objective and rational" in its review.
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