China isn’t happy about sale of Panama Canal port to American finance giant [Globe and Mail, The (Toronto, Canada)]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
NASDAQ:AMEX Investor Relations:
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Source: Globe and Mail, The
The Hong Kong conglomerate CK Hutchison's planned sale of ports in Panama to a group led by BlackRock, the American finance giant, for US$19-billion is under fire from Beijing. FEDERICO RIOS/The New York Times News Service Last week’s agreement to sell two ports on the Panama Canal to a U.S. consortium led by BlackRock appeared to be another example of the savvy deal-making that has made Hong Kong tycoon Li Ka-shing one of the richest men in Asia. Facing intense pressure from U.S. President Donald Trump, Mr. Li’s CK Hutchison Holdings moved quickly to divest itself of an increasingly awkward asset, one that was at risk of being seized by either the Panamanian or U.S. governments. And it got a good return – BlackRock has agreed to pay US$19-billion for a majority stake in Hutchison Ports – just as global trade disruptions mean traffic through the canal could decrease, making the ports less profitable. Hutchison – a global conglomerate with stakes in everything from telecommunicatio
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