Key points
- Deal blocked: The federal government has stopped the planned sale of 80 percent of Zippel to China’s COSCO Group.
- Security concerns: The Federal Ministry for Economic Affairs fears that the transaction could create additional dependencies and pose risks to supply chains in Germany and the European Union.
- Competition clearance already granted: The Federal Cartel Office approved the transaction in February 2026, but Germany’s domestic intelligence agency later raised security concerns.
- Operations to continue: Zippel managing director Axel Plaß said he was disappointed by the decision but that it would not immediately affect customers or employees.
Berlin cites supply chain security risks
Germany’s cabinet decided on 7 October 2026 to prohibit the planned acquisition of a majority stake in Konrad Zippel Spedition by the Chinese state-owned shipping group COSCO. A spokesperson for the Federal Ministry for Economic Affairs said after the cabinet meeting that the formal prohibition notice would be issued shortly.
The government said its decision was based on national security considerations. According to the ministry, the acquisition could have increased dependencies and weakened the resilience of supply chains in Germany and the EU.
Berlin stressed that Germany remains open to foreign investment. However, under the country’s foreign investment screening law, the Foreign Trade and Payments Act, individual takeovers can be reviewed or blocked if they could threaten public order or national security.
The decisive issue was therefore economic security rather than competition law. The Federal Cartel Office approved the proposed investment in February 2026 after assessing its impact on competition. Security risks fall outside the scope of that authority’s review.
Why Zippel matters to port hinterland logistics
Konrad Zippel Spedition specialises in container transport and in connecting German seaports with inland markets. The Hamburg-based company arranges transport by rail, road and waterway, with a particular focus on intermodal services linking the ports of Hamburg and Bremerhaven with major economic centres further inland.
According to previously published company figures, more than 3,000 container trains run through its rail network each year. Zippel employs around 350 people.
A successful takeover would have given COSCO more than a foothold in an established logistics company. It would also have given the Chinese state-owned group a majority stake in a significant player in Germany’s port hinterland transport sector.
COSCO already holds a 24.99 percent stake in Hamburg’s Tollerort container terminal. That investment triggered intense political debate in 2022 before the federal government allowed the limited participation to proceed.
Acquiring Zippel would have extended COSCO’s presence along the transport chain, from the seaport terminal to inland destinations.
Zippel management disappointed by the decision
Zippel’s management had backed the proposed sale, making the government’s decision a disappointment. Axel Plaß, who runs the company together with Axel Kröger, said the management team continued to believe that the transaction was the right business decision.
The federal government has made its decision, and we accept it,
Plaß told VerkehrsRundschau. He added that the company had hoped for a different outcome and still considered its decision to pursue the deal justified.
The decision will not immediately affect Zippel’s day-to-day operations. Transport services and customer relationships will continue without changes, and there will be no immediate impact on employees, according to Plaß.
It remains unclear whether the Chinese buyer will challenge the decision. Plaß said that COSCO, or the company designated to complete the acquisition, would decide how to proceed.
Plan called for the sale of an 80 percent stake
The proposed transaction was agreed on 19 December 2025, when existing shareholders Axel Plaß and Axel Kröger agreed to sell a combined 80 percent stake to Goldlead Supply Chain Development (Europe). The buyer is part of the Chinese COSCO Shipping Group.
The deal would have significantly changed Zippel’s ownership structure. Kröger planned to sell his entire 30 percent holding and step down from the management team.
Plaß, who held 70 percent of the forwarding company, intended to sell 50 percentage points. He would have retained a 20 percent stake and continued as a shareholder and managing director.
The transaction received competition clearance in February 2026. Security concerns raised by Germany’s Federal Office for the Protection of the Constitution became public in April, while media reports in late September suggested that the federal government might block the sale.
With the cabinet’s decision on 7 October, the review under Germany’s foreign trade rules has ended with a prohibition.
Future ownership remains uncertain
The long-term ownership structure of Konrad Zippel Spedition remains unclear. Plaß and Kröger have yet to decide whether to continue pursuing a sale under revised conditions or look for alternative investors.
COSCO’s possible legal response is also unknown.
For Zippel, the immediate consequence is that the planned reorganisation of its shareholder structure cannot go ahead as intended. The company’s transport operations and customer relationships, however, are expected to continue without disruption.
