CK Hutchison Holdings to sell unit operating near Panama Canal under Trump pressure

CK Hutchison Holdings announced on Tuesday that the Hong Kong-based conglomerate agreed to sell control of a unit operating ports near the Panama Canal after US President Donald Trump said he wanted the US to regain control of the critical trade route.

A consortium including BlackRock, Global Infrastructure Partners and Terminal Investment Ltd reached a preliminary deal to acquire units that hold 80 per cent of the Hutchison Ports group, worth about US$20 billion (HK$155 billion), CK Hutchison said in a statement.

The consortium will also acquire 90 per cent of Panama Ports, which operates the two ports in Balboa and Cristobal, along with CK Hutchison’s controlling interest in 43 other ports in 23 countries.

More to follow …