A $23 billion BlackRock-backed acquisition of global ports is at risk of collapsing after China's state-owned Cosco Shipping Corporation Limited demanded a majority stake in the deal, the Financial Times reported on Tuesday, citing people familiar with the talks.
While the transaction would see CK Hutchison Holdings Limited sell 43 ports in 23 countries, including two linked to the Panama Canal, sources said BlackRock and MSC Mediterranean Shipping Company SA are considering walking away if Cosco insists on control.
Cosco was invited this summer to join the consortium to help secure regulatory approval, after Beijing pushed for a merger review. CK Hutchison warned in August that the deal would require approvals from several parties.
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