Hong Kong-based CK Hutchison has said a controversial $23bn ports deal including key assets in the Panama Canal will not close this year, as it seeks to win Beijing’s approval for the sale to a consortium backed by BlackRock.
Reporting interim results on Thursday, CK Hutchison said the deal, which involves 43 non-Chinese ports, was taking “much longer than expected”, though it added that there was still a “reasonable chance” that an agreement could be reached as a “major” Chinese investor is set to be brought in.
Beijing blasted the ports sale announced in March as a threat to China’s national interests and insisted that it undergo the country’s merger review process even though no mainland assets were involved.
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