CK Hutchison Seeks Chinese Strategic Partner in $22.8 Billion Ports Deal

CK Hutchison has revealed plans to incorporate a significant Chinese strategic partner into the BlackRock-led consortium vying for its $22.8 billion ports business. This development follows reports of China COSCO Shipping Corp's potential involvement with the group.

The Hong Kong conglomerate announced that changes to the consortium's structure will be crucial for regulatory approval. A 145-day exclusivity period for negotiations concluded over the weekend. The deal spans 43 ports across 23 countries, including two strategic locations near the Panama Canal.

The sale is embroiled in geopolitical tensions, as China regards the consortium as an extension of U.S. influence in a critical economic region. State-backed media criticize the transaction, highlighting China's vested interests. Any new investor must be significant, with China's top market regulator monitoring developments closely.

(With inputs from agencies.)