Germany is planning to block Chinese state-owned shipping group Cosco’s proposed acquisition of an 80% stake in Hamburg-based logistics company Zippel, citing national security concerns, according to a government memo.
Cosco’s proposed investment would give it a majority position in Zippel, which specialises in transporting containers between Germany’s seaports and inland destinations. The company operates hinterland logistics through road, rail and inland waterways, linking ports such as Hamburg and Bremerhaven with industrial and commercial centres.
The reported government concerns focus on the potential creation of strategic dependencies within Germany’s transport infrastructure. The confidential memo reportedly warned that such dependencies could become leverage during periods of political tension. Several German ministries have raised concerns over the proposed transaction, according to German media reports.
Germany’s antitrust authority cleared Cosco’s acquisition of the 80% stake in February, determining that the transaction did not raise competition concerns. However, national security considerations fall outside the scope of that review, leaving the investment subject to a separate government screening process.
The proposed acquisition has attracted additional scrutiny because Cosco already holds a 24.99% stake in the HHLA Container Terminal Tollerort in Hamburg. The combination of port-terminal interests and control of a hinterland logistics operator has raised concerns about the concentration of influence across different parts of the transport chain.
Reports also indicate that Germany’s investment review has examined Zippel’s software systems and the handling of potentially sensitive data. The company also has a role in logistics supporting German and NATO-related transport requirements, according to reports citing confidential government assessments.
A final government decision on the transaction had not been announced at the time of the reports. Cosco has said it cannot comment on the matter until Berlin reaches a final decision.
The case highlights the increasing scrutiny of foreign investment in European ports, logistics companies and other transport infrastructure as governments seek to balance commercial investment with supply-chain and security considerations.