Ports

German Security Agencies Move to Block Cosco's Acquisition of Hamburg Logistics Firm Zippel

German federal authorities are preparing to block China's Cosco from acquiring Hamburg-based freight forwarder Konrad Zippel. Security agencies cite concerns that the deal represents part of a broader strategy to gain control over regional maritime infrastructure.

Cosco proposed acquiring an 80% stake in Zippel through its Dutch subsidiary Goldlead Supply Chain Development, with company managing director Axel Plass retaining 20%. The Bundeskartellamt competition authority cleared the transaction in February.

Plass dismissed security concerns, stating the acquisition focuses on cargo retention and job preservation, not strategic control of German infrastructure. However, German security services flagged the bid as part of a "cumulative acquisition strategy," referencing Cosco's 2023 purchase of a 24.99% stake in Hamburg's Tollerot container terminal. Authorities previously blocked Cosco from acquiring a controlling 35% stake in that facility.