Yesterday COSCO Shipping Ports signed a definitive agreement with Germany’s Hamburger Hafen und Logistik AG (HHLA) to purchase a stake Container Terminal Tollerort (CTT) in the port of Hamburg.
Under the terms of the agreement, Grand Dragon, a subsidiary owned by the Chinese giant, is to purchase 1.9 million shares in CTT, i.e. 24.99% of the German terminal operator’s share capital.
The Chinese company will not be able to veto strategic business decisions, including budgeting and business planning, and will not have a say in CTT’s HR decisions.
Translation by Giles Foster
