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Two suspects are on the run after a shooting and knife attack in Cologne city centre, it is reported.

A man was seriously injured in the assault on Flandrishe Street this morning, according to the German newspaper, Koelner Express.

Reports say an axe was involved in the terrifying incident.

Four 'well-dressed' men were having an argument with the victim before they attacked him with the blade, witnesses claim.

The man, who is yet to be identified, was reportedly stabbed in the thigh, before trying to flee the scene in his Mercedes.

The attackers fired at him as he drove off shortly before 4am (3am UK time), but the bullets only struck his windows and tyres.

Two possible perpetrators were later stopped by officers on Habsburgerring road, but a further two are still on the run, police said.

The victim was rushed to hospital in a serious condition after the attack.

His condition is currently unclear, but his windows were smashed out and all four of his tyres were burst in the alleged shooting.

The motive for the assault remains unknown.

Cologne hit the headlines eight months ago after dozens of women reported being sexually assaulted near the central train station on New Year's Eve.

Victims said they were surrounded by groups of men before being groped, robbed and even raped during the 2016 celebrations.

Similar crimes were reported elsewhere, including in Hamburg, Frankfurt, Dusseldorf, Dortumund and Stuttgart.

Today's attack comes as Germany remains on high alert after a teenage asylum seeker injured four people in an axe and knife assault in the south.

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ISIS claimed responsibility for the attack, which was closely followed by a deadly shooting by an 18-year-old gunman at a shopping centre in Munich.

In the later incident, Ali Sonboly, 18, killed nine people - including seven teenagers - and injured at least 27 before shooting himself dead.

This story is developing.