China is threatening to block the sale of more than 40 ports, owned by Hong Kong-based CK Hutchison, to BlackRock and Mediterranean Shipping Company (MSC) if Chinese shipping company Cosco does not get a stake, The Wall Street Journal reported on Thursday, citing unnamed sources.
Reuters could not immediately verify the Journal report.
CK Hutchison, MSC, BlackRock, and Cosco did not immediately respond to Reuters’ requests for a comment, while the Chinese government could not be immediately reached outside office hours.
Chinese officials have told BlackRock, MSC, and Hutchison that if Cosco is left out of the deal, Beijing would take steps to block Hutchison’s proposed sale of the ports, the newspaper said.
Tycoon Li Ka-shing’s CK Hutchison in March announced it would sell its 80% holding in the ports business, which encompasses 43 ports in 23 countries. The business has an enterprise value of $22.8 billion, including debt.
After much scrutiny and criticism in China, Hong Kong conglomerate CK Hutchison confirmed in May Italian billionaire Gianluigi Aponte’s family-run MSC, one of the world’s top container shipping groups, was the main investor in a group seeking to buy the ports.
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Author: Dillon B
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