Temasek's PSA Shelves $4 Billion Hutchison Ports Stake Sale, Sources Say [BNN Bloomberg (Canada)]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: BNN Bloomberg
Temasek Holdings Pte-owned PSA put the stake sale on hold after potential valuations were lower than expected, as shipping activity globally has slowed, the people said. PSA had sought about $4 billion for its 20% share of CK Hutchison's ports assets, Bloomberg News reported. The company would revisit a stake sale once trading in ports rebounds, the people said, asking not to be identified because the matter is private. A representative for PSA declined to comment. Chinese state-owned conglomerates China Merchants Group and China Cosco Shipping Corp. had been among the firms expressing interest in acquiring the stake, people familiar with the matter have said. Lower disposable incomes, new ship deliveries and recession headwinds could lead to further softness in the container-shipping industry's fundamentals in the second half of 2023, according to Bloomberg Intelligence analyst Stephane Kovatchev. Freight rates — a key driver of profitability in the sector — have dropped by ab
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