One of the largest operators of global port terminals said it has offered a stake in its pending sale to a Chinese investor.
In a filing with the Hong Kong Stock Exchange, CK Hutchison said its planned sale of dozens of port facilities would include a major strategic investor from mainland China.
The company (0001.HK) in March announced plans to sell more than 40 container terminals under its Hutchison Port Holdings unit to a consortium led by BlackRock, the U.S. asset manager, that includes Geneva-based shipping line MSC, for $23 billion.
But Beijing said it would block the transaction if it didn’t get a cut of the deal.
Published reports identified the investor as Chinese maritime conglomerate Cosco, which had been identified by the U.S. as an arm of China’s military that had used unfair trade practices to dominate the shipping and shipbuilding industries.
The filing stated that the exclusive negotiation period with the consortium regarding the sale of Hutchison Ports Group had expired but that discussions with members of the group continue.
The reports said Cosco could receive a stake in 41 port properties except the pair near the Panama Canal that the Trump administration claimed are under Chinese influence.
Hutchison had no comment. BlackRock and Costco did not immediately respond to requests by FreightWaves for comment.
Find more articles by Stuart Chirls here.
Related coverage:
South Korea offers billions to help make US shipbuilding ‘great again’
Houthis make new threats against Israel-linked shipping
Trade flows boost China, Europe ports while tariffs pain US gateways
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now