Hutchison Ports deal could divest Panama ports
According to earlier foreign media reports, Cheung Kong Holdings plans to weaken the role of the US-funded institution BlackRock in the sale of non-Chinese port assets. It is said that the buyer consortium will be led by TiL (MSC's terminal company) under the Italian shipping giant Aponte family. The Wall Street Journal quoted people familiar with the matter as saying that Mediterranean Shipping Company (MSC), owned by the Italian shipping giant Aponte family, is considering divesting two Panama ports from the transaction with Cheung Kong Holdings.
Previously, Cheung Kong Holdings was under great public pressure in China to sell Panama port assets to the consortium led by BlackRock. The report quoted people familiar with the matter as saying that Italian giant Gianluigi Aponte, who controls Mediterranean Shipping (MSC), and his son Diego Aponte have started discussions and plan to divest the most controversial Panama port assets and promote other transactions involving 41 ports and terminals on five continents.
At present, Cheung Kong Holdings' sale of overseas port assets is still in the exclusive negotiation window period. The report pointed out that the relevant negotiations are being promoted in a dual-track mode, and the divestment of Panama ports ultimately requires a new agreement. Sources said the global part of the deal could be completed within three to six months, but the part involving Panama ports could take up to a year.
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The report mentioned that if the deal is completed, the Aponte family's existing port operator TiL will acquire a 49% stake in Cheung Kong's two Panama ports, while BlackRock's infrastructure investment institution Global Infrastructure Partners will hold a controlling stake of 51%.
