Shelved port deal will test Temasek's private push [Reuters]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
NASDAQ:AMEX Investor Relations:
ckh.com.hk/en/ir
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Source: Reuters
International is shelving plans to sell its 20% stake in CK Hutchison's (0001.HK) port business, per Bloomberg. It was always going to be hard to unwind the $4.4 billion bet it made in 2006 in Hong Kong tycoon Li Ka-shing's empire but the challenges have grown since December when Temasek began exploring an exit Shipping activity is naturally muted as global growth slows and financing costs rise. But a minority stake and Beijing's rising influence in Hong Kong complicate a transaction further. The upshot is a small group of mooted buyers including China's Cosco (601919.SS) and global infrastructure funds. PSA was seeking $4 billion for its stake, a touch less than what it paid. Nonetheless, two sources told Breakingviews that a wide valuation gap derailed the deal. The stakes of sealing such a big sell-down are high. This week, Temasek itself reported a 5.2% drop in the net value of its portfolio to $285 billion in the 12 months to the end of March, as public markets remain weak. T
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