The German government intends to block the acquisition of German logistics company Konrad Zippel by Chinese state-owned shipping giant China Ocean Shipping Group, or COSCO, the business newspaper Handelsblatt reported on the 29th. A confidential government document cites "serious security concerns," according to the report. Zippel is a mid-sized company based in Hamburg with about 210 employees, mainly handling container transport by truck and rail between North Sea ports and eastern Germany. Although its share of the overall market is small, it has a significant presence at transport hubs in some regions, including Berlin.
COSCO SHIPPING Holdings Co LtdGerman government intends to block COSCO's acquisition of Konrad Zippel on serious security concerns.
Its acquisition by COSCO faces a planned German government block over security concerns, leaving its fate uncertain.
