{"text":[[{"start":8.1,"text":"Germany has blocked the Chinese acquisition of a logistics group in its biggest seaport, a decision underlining Berlin’s firmer stance against Beijing under Chancellor Friedrich Merz."}],[{"start":19.85,"text":"The decision, approved by the cabinet on Wednesday, follows a review of the planned acquisition by Chinese state-owned shipping group Cosco of an 80 per cent stake in Konrad Zippel Spediteur, a medium-sized logistics group operating in the North Sea port of Hamburg."}],[{"start":36.650000000000006,"text":"The move comes as Berlin is preparing new legislation designed to tighten investment screening. It also underlines a sharpening of Germany’s posture towards China, whose cheap electric vehicles and steel products have hurt German manufacturers at home and in their traditional export markets."}],[{"start":54.300000000000004,"text":"On Monday, Merz joined French President Emmanuel Macron in proposing the EU adopt a powerful trade instrument designed to deter countries from exerting economic coercion. The move was widely seen as a response to Beijing’s restrictions on rare earths and magnets last year, which brought some German car manufacturing plants to a halt because of shortages."}],[{"start":76.4,"text":"Since taking office in May 2025, Merz has sought to balance the desire to attract foreign investment to rekindle Germany’s stagnating economy, and the need to beef up tools to safeguard critical infrastructure and reduce potentially harmful economic dependencies."}],[{"start":93.4,"text":"The decision to reject Cosco’s acquisition was “based on security concerns,” a spokesperson for the economy ministry said in an email to the FT. "}],[{"start":102.65,"text":"“The acquisition would have deepened dependencies and jeopardised the resilience of Germany’s and the EU’s supply chains,” he added. "}],[{"start":110.9,"text":"Cosco and the Chinese embassy in Berlin did not respond to requests for comment. The Chinese foreign ministry did not immediately comment. "}],[{"start":119.05000000000001,"text":"The Zippel Group specialises in inland container transport, primarily connecting Germany’s largest port complex with the country’s eastern states, the German economy ministry said."}],[{"start":129.8,"text":"Berlin has rejected eight foreign investments, out of about 300 reviews a year, the ministry said. The country “welcomes foreign investments,” it insisted on Wednesday, but its legislation allows it to review deals “on a case-by-case basis”. "}],[{"start":145.4,"text":"“The criterion for review is whether the acquisition is likely to jeopardise public order or security,” the ministry said."}],[{"start":152.65,"text":"In 2022, the three-way coalition led by Merz’s predecessor, the Social Democrat Olaf Scholz, allowed Cosco to acquire 24.9 per cent of the Tollerort container facility, one of several terminals that comprise the port of Hamburg. The Chinese state-owned company had originally sought a 35 per cent stake."}],[{"start":171.9,"text":"The deal was a compromise between Scholz, a former Hamburg mayor who supported the investment, and his economy, foreign, defence and interior ministries, which opposed it on security grounds. The government capped the investment at below 25 per cent."}],[{"start":188.8,"text":"Additional reporting by Aysun Bora and Edward White"}],[{"start":199.50000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1791416245_8887.mp3"}