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China’s Pressure Stalls CK Hutchison’s Deal To Sell Key Panama Ports
CK Hutchison, a Hong Kong-based multinational, has now delayed signing a deal to sell its port terminals near the Panama Canal to a consortium led by BlackRock, sources familiar with the matter confirmed.
The agreement, part of a $19 billion global transaction, was expected to be finalised next week but has been stalled due to political and regulatory concerns from Beijing.
Although the deal has not been scrapped entirely, CK Hutchison will not meet the April 2 deadline to sign the final agreement.
Discussions are still ongoing and negotiations will continue under a 145 day exclusivity period granted to BlackRock’s consortium.
China’s market regulator has initiated an antitrust review of the Panama ports sale, stating that it will assess potential impacts on fair competition and national interests.
State-owned Chinese media have also taken a strong stance against the sale. Pro-Beijing newspaper Ta Kung Pao has repeatedly criticised CK Hutchison, portraying the deal as a loss for China and a gain for the US.
Some reports labeled it as a betrayal of national interests.
The deal involves the sale of the Balboa and Cristobal ports, key facilities on either side of the Panama Canal. These ports are important due to the canal’s role in global trade, as it handles about 3% of worldwide seaborne shipments.
The US and China are the two biggest users of the canal, adding to the geopolitical sensitivity of the transaction.
US President Donald Trump has publicly supported the sale, previously stating that control over the canal should return to American hands. However, China sees the deal as a threat to its trade and shipping interests.
Per reports, Chinese authorities have instructed state-owned enterprises to halt any new business deals with CK Hutchison and its billionaire owner, Li Ka-shing.
Beijing has also begun reviewing the company’s domestic and international investments.
References: Reuters, Bloomberg
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The information on this website is for general purposes only. While efforts are made to ensure accuracy, we make no warranties of any kind regarding completeness, reliability, or suitability. Any reliance you place on such information is at your own risk. We are not liable for any loss or damage arising from the use of this website.
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