CK Hutchison's port sell off deal: China increases criticism

CK Hutchison's port sell off deal: China increases criticism

CK Hutchison’s pact to sell its controlling stake in Panama Canal ports to a group led by U.S. asset manager BlackRock, a deal that was accelerated by President Trump’s rhetoric about retaking control of the waterway., has led to reports in the global media about the displeasure being expressed by Chinese officials.

With our portfolio of international container shipping services for both LCL and FCL import and export cargoes, the articles make interesting reading for Davies Turner.

Under the agreement, CK Hutchison will sell 43 ports in 23 countries, while keeping facilities in mainland China and Hong Kong. The transaction is set to generate cash proceeds of more than USD19 billion.

A commentary article in a Chinese state-owned Hong Kong newspaper cites unnamed people calling the deal “profit seeking” and a move “betraying and selling off” all Chinese people.

The article also warned relevant companies to carefully consider which “side they should stand on.”

The share price of CK Hutchison dropped amid fears Beijing might find a way to block the deal, which hasn’t been finalised.

Two good articles about the issue can be read here:

https://gcaptain.com/china-ramps-up-criticism-of-blackrock-ports-deal/?subscriber=true&goal=0_f50174ef03-93fa79c512-139916333&mc_cid=93fa79c512&mc_eid=ddba757d70

https://breakbulk.news/china-warns-ck-hutchison-over-panama-ports-sale-amid-u-s-pressure/

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