German security agencies move to block Cosco’s 80% stake bid for Zippel
German security agencies are reportedly set to block Cosco’s bid to acquire an 80% stake in Hamburg logistics firm Konrad Zippel. The agencies warn the purchase would form part of a broader Chinese strategy to gain a foothold at Hamburg’s port, despite Zippel’s modest 1.5% share of the local freight‑forwarding market.
Under Cosco’s proposal, the state‑owned Chinese shipping giant would take an 80% stake through its Dutch subsidiary Goldlead Supply Chain Development, leaving founder Axel Plass with the remaining 20%. The deal had already cleared Germany’s antitrust authority, Bundeskartellamt, back in February. Plass has insisted the transaction is about winning and retaining cargo and that all jobs would be preserved. The security agencies’ objection stems not from the stake itself but from its addition to Cosco’s existing 24.99% holding in the Tollerot container terminal, which they view as a cumulative acquisition strategy.
“all jobs will be preserved,” Axel Plass, MD said.
Earlier this year, Cosco secured a 24.99% stake in Hamburg’s Tollerot container terminal after a six‑month security review, following an initial attempt to take a 35% share that was blocked by German authorities. The current bid for Zippel would add to that holding, prompting security agencies to warn of a cumulative acquisition strategy. Zippel’s managing director has repeatedly said the transaction is aimed at preserving jobs and winning cargo, not at strategic control.
What we know
Under Cosco’s proposal, the state-owned Chinese shipping giant would acquire an 80% stake in Zippel, through its Dutch subsidiary Goldlead Supply Chain Development, with Mr Plass retaining 20%.
With the deal for Germany’s oldest freight forwarding company having been cleared by competition authority Bundeskartellamt, back in February, Mr Plass stressed that, from a national security perspective, Zippel has just a 1.5% market share.
It was only after Chancellor Olaf Scholz stepped in, that a compromise 24.99% stake was reached, although even this necessitated six months of checks and assessments by German security agencies before final sign-off.
Considered alongside its fleet of vessels and stake in Tollerot, the security agencies believe control of Zippel and its intermodal and hinterland activities would afford the Chinese state influence over a key node of German infrastructure.