Beijing criticizes CK Hutchison's $23 billion Panama Canal deal by reposting commentary that slams it as ‘an act of submission' [Yahoo! Finance]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Yahoo! Finance
The slip comes after the Hong Kong and Macao Affairs Office, the ministry responsible for the Chinese city, reposted scathing commentary from Ta Kung Pao, a local newspaper backed by the Chinese state. On March 4, CK Hutchison announced that it had agreed to sell its global ports business, except for its ports in mainland China and Hong Kong, to a BlackRock-led consortium of investors in a deal valued at $23 billion. The deal came after the Trump administration threatened to retake control over the canal, with the president citing CK Hutchison's operation of two Panama ports as evidence of Chinese control. Ta Kung Pao called CK Hutchison's decision to sell its global port operations to a BlackRock-led consortium as an “act of submission and betrayal,” alleging the company was sacrificing national interest for profits. The piece argues that Washington is “making every effort” to suppress China's development. CK Hutchison did not immediately respond to Fortune's request for comme
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