6 January 2023 (Lloyd's List) - COSCO Shipping Ports’ agreement to acquire a minority stake in Hamburg’s Tollerort box terminal is nearing conclusion following a long-drawn-out process amid concerns around Chinese investment in German infrastructure. The investment by CSPL to acquire a 24.9% stake in a terminal at Germany’s largest port has been under discussion since September 2021. It will be the first investment to be permitted by a foreign company in Hamburg’s port. Negotiations have resulted in a reduction of an originally intended 35% stake, valued at€65m ($76.3m), in the Hamburger Hafen und Logistik-owned box terminal, which is mostly utilised by Cosco Shipping Lines and its Ocean Alliance partner Evergreen. “We can confirm that in objective, constructive talks between HHLA, CSPL and the Federal Ministry for Economic Affairs and Climate Action, it has been possible to agree on concrete conditions for CSPL’s participation in HHLA Container Terminal Tollerort,” HHLA said in a statement. “HHLA and CSPL are in talks to clarify the final details and are aiming to finalise the transaction soon. HHLA is pleased to continue the co-operation with its long-standing business partner Cosco on a new level.” All parties have agreed not to disclose the contents of the agreement. The deal came under German government scrutiny last year by economics and technology minister Robert Habeck, who warned that the deal would give China access to a key piece of German infrastructure. Despite concerns, Germany approved the 24.9% stake deal in principle prior to an official state visit to Beijing in November. To smooth over the deal, HHLA chairwoman Angela Titzrath said Cosco will not receive any exclusive rights to the terminal and will remain open to container volumes from all customers. In addition, CSPL will not gain access to strategic know-how and “German law will continue to apply in all matters”. Tollerort is the smallest of three container terminals owned by HHLA, which is majority owned by the Hamburg state.