U.S. President Donald Trump has hailed a deal led by U.S. firm BlackRock to buy most of the $22.8 billion ports business of Hong Kong conglomerate CK Hutchison which includes assets along
U.S. President Donald Trump has hailed a deal led by U.S. firm BlackRock to buy most of the $22.8 billion ports business of Hong Kong conglomerate CK Hutchison which includes assets along the Panama Canal.
The deal will give the U.S. consortium control of key Panama Canal ports amid White House calls to remove them from what it says is Chinese ownership. The high purchase price sent CK Hutchison's stock up more than 20%.
"My administration will be reclaiming the Panama Canal, and we've already started doing it," Trump told the U.S. Congress.
"Just today, a large American company announced they are buying both ports around the Panama Canal and lots of other things having to do with the Panama Canal and a couple of other canals."
The deal with the BlackRock-led consortium includes 90% of Panama Ports Company, which has operated the Balboa and Cristobal ports at each end of the canal for over two decades, said CK Hutchison.
In total, the consortium, which includes Terminal Investment and Global Infrastructure Partners, will control 43 ports comprising 199 berths in 23 countries, the conglomerate said.
CK Hutchison's stock closed up 21.9% on Wednesday, outpacing a 2.8% rise in Hong Kong's
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