Strategic Partner Sought in Billion-Dollar Ports Deal

CK Hutchison announced on Monday its intention to bring in a major Chinese strategic investor to join the consortium vying for its $22.8 billion ports business. This comes amid reports suggesting the potential involvement of state-owned China COSCO Shipping Corp in the group.

According to the company, changes in the consortium's lineup and the transaction's framework are anticipated to obtain regulatory clearance. The company is prepared to allocate as much time as necessary to finalize these adjustments now that the 145-day exclusivity period between CK Hutchison and the original bidders, led by BlackRock and Gianluigi Aponte's MSC, has elapsed.

This deal, which involves ports near the crucial Panama Canal, has become increasingly politicized amid escalating tensions between China and the United States. Beijing perceives the sale as a potential threat, viewing the BlackRock-led group as a proxy for expanding American influence in a region deemed critical to China's economic and geopolitical interests.

(With inputs from agencies.)