Germany has blocked Chinese state-owned shipping company Cosco from acquiring an 80% stake in Hamburg logistics firm Zippel, citing security concerns.
An Economy Ministry spokesman said after a Cabinet meeting Wednesday that the ministry would issue a formal prohibition order, German news agency dpa reported.
"The reason for the prohibition is security concerns. The acquisition would have deepened dependencies and jeopardized the resilience of supply chains in Germany and the EU,” the spokesman said.
Germany welcomes foreign investment, he said, but its laws allow the government to review foreign acquisitions of German companies on a case-by-case basis.
The standard considers whether a deal is likely to threaten public order or security, he added.
Cosco is among the world’s largest shipping companies by cargo volume. It already holds a 24.99% stake in Hamburg’s Tollerort container terminal.