The German Federal Government is reportedly preparing to block Cosco’s acquisition of an 80% stake in Konrad Zippel Spediteur, a Hamburg-based logistics company, by Chinese state-owned shipping group Cosco. The news was reported on 29 September 2026 by Handelsblatt, based on an internal government document referring to “significant security concerns”. As of 30 September, however, no formal decision had been published. The Federal Ministry for Economic Affairs, which is conducting the procedure, said the transaction was being examined as part of a foreign investment screening process and that the review was continuing, without commenting on the contents of the article. According to Handelsblatt, the document shows that, in addition to the Economics Ministry, the Foreign, Interior, Defence and Finance ministries oppose the deal. Reuters, citing industry sources, reports that the ministries have unanimously recommended blocking the acquisition and that the Government is highly likely to follow that recommendation. Handelsblatt also reports that the European Commission has warned against the transaction.
Zippel transports containers by rail, ship and truck from the ports of Hamburg and Bremerhaven to inland destinations and employs around 350 people. The company is of limited importance at national level, but has a significant presence in eastern Germany. According to Reuters, the document states that Zippel accounts for between 35% and 90% of container handling at terminals in Berlin, Schkopau and Elsterwerda, while Handelsblatt says this regional presence explains Berlin’s resistance to the deal. The concerns cited by the sources are twofold. One risk, according to Dpa-AFX, is that dependencies could potentially be exploited as a means of exerting pressure. The document cited by the media also refers to logistics support for the Bundeswehr, Germany’s armed forces, while Hansa adds that Nato is among the organisations served by the freight forwarder. During the in-depth review, Reuters reports, the ministry also examined Zippel’s software systems and whether sensitive data might be processed.
The transaction had already cleared antitrust scrutiny on 20 February 2026 through the Bundeskartellamt, which approved it on competition grounds while stressing that security issues were subject to a separate procedure. At the end of April, the negative opinion of the Federal Office for the Protection of the Constitution (Bundesamt für Verfassungsschutz) emerged, and the following month the Government said that an immediate veto was not straightforward because Zippel is not registered as a critical infrastructure operator under Germany’s IT Security Act. According to Hansa, the new framework law on critical infrastructure was not taken into account at the time, and it is unclear whether it is being considered now.
Cosco already holds a 24.99% stake in Hamburg’s Tollerort terminal, operated by HHLA. In that case, the Government approved the investment in May 2023, but only after a lengthy debate between different political forces, some of which opposed the transaction. The result was approval subject to Cosco’s stake being limited to below 25%, compared with the 35% originally planned.
Antonio Illariuzzi
