HAMBURG (dpa-AFX) - The controversial participation of the Chinese Cosco Group in a container terminal in the Port of Hamburg is basically under wraps. "We can confirm that in factual, constructive talks between Hamburger Hafen und Logistik AG), CSPL and the Federal Ministry of Economics and Climate Protection (BMWK), we have succeeded in agreeing on concrete conditions for CSPL's participation in HHLA Container Terminal Tollerort GmbH," an HHLA spokeswoman said in Hamburg on Friday. Final details are now being clarified in order to be able to conclude the transaction in a timely manner. According to the information, this was preceded by a compulsory announcement by Cosco Shipping Ports Ltd (CSPL) on the Hong Kong stock exchange.

Originally, Cosco wanted to acquire a 35 percent stake in the company operating the Tollerort terminal. Following a veto by the German government, HHLA and Cosco agreed in October on a minority shareholding of less than 25 percent. The parties agreed not to disclose the contents of the contract. The federal government had feared a threat to public order and safety in the event of a larger shareholding, prevented a strategic shareholding in the terminal through its intervention and reduced the acquisition to a purely financial holding./klm/DP/mis