CK Hutchison Plans to Invite a "Major" Chinese Investor for a $23 Billion Deal on Panama Ports 🛳️🇨🇳
CK Hutchison To Invite ‘Major’ Chinese Investor For $23B Panama Ports Deal - FT https://t.co/6hCZJjqaQa
CK HUTCHISON TO INVITE ‘MAJOR’ CHINESE INVESTOR FOR $23B PANAMA PORTS DEAL - FT
CK Hutchison Holdings said in a Hong Kong stock-exchange filing that it is negotiating to bring a “major” mainland Chinese strategic investor into the BlackRock-led consortium that is seeking to buy the conglomerate’s global ports business for about US$22.8 billion. The move follows the expiry on 27 July of a 145-day exclusivity period granted to the existing bidders. People familiar with the talks told local media that state-owned China COSCO Shipping Corp. is a candidate for the role. CK Hutchison said changes to the consortium’s composition and the transaction structure will be needed to obtain approvals from all relevant authorities, including an ongoing antitrust review by Beijing. The portfolio on offer covers 43 ports across 23 countries, among them two terminals near the Panama Canal, a waterway viewed as strategically important by both Washington and Beijing. The original agreement with the U.S.-anchored group had been celebrated by the White House as reducing Chinese influence in the region. CK Hutchison said it will allow additional time for negotiations to achieve a “workable arrangement.” The company’s shares rose more than 2% in early Hong Kong trading on Monday after the announcement.
