BLOMSTEIN advises Chinese terminal operator COSCO Shipping Ports Limited (COSCO) on foreign direct investment aspects relating to its entry into the German market. COSCO is acquiring a minority stake of 35 % in Container Terminal Tollerort (CTT) from the Port of Hamburg Hamburger Hafen und Logistik AG (HHLA). The deal is subject to various FDI and merger control clearances.
With this step, HHLA and COSCO are further intensifying their long-standing relationship, which goes back almost 40 years. The rationale is for CTT to become a preferred European hub for all of COSCO’s logistics. Alongside the goal of “successfully securing the future of CTT”, both partners are aiming for “an even more efficient dovetailing of Chinese logistics flows in Hamburg”, HHLA’s management commented.
CTT is one of three HHLA container terminals at the Port of Hamburg. The terminal has four berths and 14 container gantry cranes and is the most important European hub for freight traffic with China. Among others, two Far East services, a Mediterranean service and a Baltic feeder service of COSCO are handled at CTT today. COSCOS’s large container ships with a capacity of 20,000 TEU and more can be handled there.
BLOMSTEIN is advising COSCO on foreign direct investment issues in cooperation with Linklaters, who advise on M&A and merger control. The BLOMSTEIN team consists of Roland M. Stein, Josefa Dengler and Vanessa Kassem.