EIJING, March 29 — Hong Kong’s CK Hutchison will not sign a deal next week to sell its two port operations near the Panama Canal to a BlackRock-led group, two people with...
Hong Kong tycoon Li Ka-shingwaves goodbye to journalists as he formally retires after the CK Hutchison Holdings Annual General Meeting in Hong Kong, China, on May 10, 2018. — Reuters picEIJING, March 29 — Hong Kong’s CK Hutchison will not sign a deal next week to sell its two port operations near the Panama Canal to a BlackRock-led group, two people with direct knowledge of the matter said, as pressure mounted from Beijing.
Definitive documentation for the two port operations near the Panama Canal was expected to be signed by April 2, according to the sale announcement made on March 4. Negotiation for the overall deal that covers a total of 43 ports in 23 countries is on an exclusive basis between CK Hutchison and the consortium for 145 days.CK Hutchison did not immediately respond to a Reuters request for comment.
“We are aware of the comments made by China,” US State Department spokesperson Tammy Bruce told a news briefing on Friday when asked about the Chinese regulator’s review. “It’s also no surprise that the CCP is upset at this acquisition, which will reduce their control over the Panama Canal area.” A CK Hutchison unit operates two of the five ports adjacent to the Panama Canal, which manages about 3 per cent of the global sea-borne trade. Panama first awarded the concession to the company in 1998 to run the ports and extended it for another 25 years in 2021.
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