COSCO SHIPPING Ports Limited (SEHK:1199) entered into the Share Purchase Agreement to acquire 24.9% stake in HHLA Container Terminal Tollerort GmbH from Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) on September 21, 2021. As per the transaction, COSCO SHIPPING Ports Limited will pay the consideration for the sale of the sale shares of €65 million and the consideration for the sale of the closing shareholder loan in an amount equal to the nominal amount of the Closing Shareholder Loan and interest charged on €34,238,860.89, being 35% of the amount owed to Hamburger Hafen und Logistik Aktiengesellschaft by HHLA Container Terminal Tollerort GmbH. As on December 31, 2020, HHLA Container Terminal Tollerort GmbH generated net profits of €7.4 million and net assets of €21.4 million. The transaction is subject to competition and regulatory approval and is approved by Hamburger Hafen und Logistik Aktiengesellschaft's supervisory board. As of October 26, 2022, the German government approved the transaction of a minority stake of less than 25% in the operating company HHLA Container Terminal Tollerort GmbH. As of September 20, 2022, the deal is expected to close on December 31, 2022. As of April 12, 2023, Germany is reconsidering its decision to allow Cosco to take a stake in one of logistics company HHLA's three terminals in the port of Hamburg. As of May 10, 2023, German government has approved the acquisition of a 24.9% stake. The government originally cleared the deal at the end of October 2022, but decided in April to re-examine it because the terminal was classified as critical infrastructure. The Chinese company initially agreed to purchase 35% of CTT, but the government limited in October the deal to a stake of 24.9%.
Helge Schäfer, Jonas Wittgens, Stefan Witte, Jonas Labinsky, Jan-Benedikt Fischer and Börries Ahrens of Allen & Overy LLP (Hamburg), Udo Olgemöller and Thomas Dieker of Allen & Overy LLP, Jonathan Hsui of Allen & Overy Hong Kong and Director Jing Li & Eva Jiang of Allen & Overy LLP acted as legal advisors to Hamburger Hafen und Logistik Aktiengesellschaft. Linklaters Oppenhoff & Rädler acted as legal advisor to Hamburger Hafen und Logistik Aktiengesellschaft.

COSCO SHIPPING Ports Limited (SEHK:1199) completed the acquisition of a 24.9% stake in HHLA Container Terminal Tollerort GmbH from Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) on June 19, 2023.