Li Ka-shing's CK Hutchison Holdings confirmed on Monday (July 28) that the exclusive negotiation period for the sale of its Panama ports has ended, and the group now plans to invite mainland Chinese investors to join the buyers.
CK Hutchison announced this in a statement published on its official website on Monday, stating that although the negotiation period has expired, discussions are still ongoing with consortium members. The group intends to invite key strategic investors from mainland China to join the consortium as important members.
The statement also mentioned that, in order for the transaction to obtain approval from all relevant regulatory agencies and authorities, the consortium members and transaction structure will be changed. Therefore, CK Hutchison plans to reserve sufficient time for related discussions to reach a new arrangement.
The statement reiterated that, as stated multiple times, if approvals from all relevant regulatory agencies and authorities are not obtained, the transaction will not proceed.
On March 4 this year, CK Hutchison announced plans to sell 43 port assets around the world, including two key ports along the Panama Canal, for about US$23 billion (about S$29.5 billion). The consortium of buyers is led by U.S. asset management giant BlackRock.
According to previous reports by Reuters and Bloomberg, sources revealed that Beijing hopes Chinese state-owned enterprise COSCO Group will take a stake in the consortium and become an equal partner and shareholder with the aforementioned two buyers. Otherwise, Beijing will block the deal. The sources also said that the 145-day negotiation period ended on Sunday (27th).
The statement also mentioned that, in order for the transaction to obtain approval from all relevant regulatory agencies and authorities, the consortium members and transaction structure will be changed. Therefore, CK Hutchison plans to reserve sufficient time for related discussions to reach a new arrangement.
The statement reiterated that, as stated multiple times, if approvals from all relevant regulatory agencies and authorities are not obtained, the transaction will not proceed.
On March 4 this year, CK Hutchison announced plans to sell 43 port assets around the world, including two key ports along the Panama Canal, for about US$23 billion (about S$29.5 billion). The consortium of buyers is led by U.S. asset management giant BlackRock.
According to previous reports by Reuters and Bloomberg, sources revealed that Beijing hopes Chinese state-owned enterprise COSCO Group will take a stake in the consortium and become an equal partner and shareholder with the aforementioned two buyers. Otherwise, Beijing will block the deal. The sources also said that the 145-day negotiation period ended on Sunday (27th).