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CN Firms Reportedly Plan to Join Consortium for CKH's Port Acquisition; Talks Underway
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China's largest shipping company is in discussions to join a consortium seeking to acquire CKH HOLDINGS (00001.HK) port assets, Bloomberg, citing informed sources, reported. This move aims to alleviate Beijing's concerns over this controversial transaction. Several companies, including China COSCO Shipping Corporation, are negotiating with a consortium led by Terminal Investment Ltd., owned by Italian billionaire Gianluigi Aponte, regarding the shares Chinese investors might hold, the report cited sources. The consortium members reportedly also include the American company BlackRock (BLK.US) and its subsidiary Global Infrastructure Partners. After Chinese and American officials held talks in Switzerland last month, allowing Chinese investors to join the consortium became one of the options to advance the port sale transaction, sources divulged. Beijing has been vigorously opposing this deal, which includes two ports along the Panama Canal, fearing it may affect its global shipping and trade development strategy. Discussions are purportedly ongoing, and there may be other ways for Chinese investors to join the consortium, with specific details yet to be finalized. If an agreement is not reached by the end of July, the deal may still lapse, as the 145-day exclusive negotiation period between CKH and the consortium will end. The parties already missed the initial deadline for signing the Panama portion of the deal in early April. Once the deal is completed, CKH, under Li Ka-shing, is expected to receive over USD19 billion in cash. Neither COSCO, CKH, nor MSC Mediterranean Shipping Co., owned by the Aponte family controlling Terminal Investment, responded to Bloomberg's report. BlackRock declined to comment. AASTOCKS Financial News Website: www.aastocks.com |
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