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Investing.com -- CK Hutchison, a Hong Kong-based conglomerate led by business magnate Li Ka-shing, has postponed the sale of its two strategic ports at the Panama Canal to a consortium led by BlackRock (NYSE:BLK), according to a report by the South China Morning Post on Friday.
The deal, which was initially scheduled to be signed on April 2, as per the sales announcement made on March 4, will not be finalized next week as initially planned. However, this delay does not imply that the agreement has been cancelled, as per the same report citing a source close to CK Hutchison.
The company has not yet commented on the delay.
Earlier this month, CK Hutchison agreed to offload the majority of its global ports business, which includes assets near the strategically important Panama Canal. This transaction was anticipated to generate more than $19 billion in cash for the company.
Reports last week from the Wall Street Journal suggested China’s leader Xi Jinping was angry about the deal because CK Hutchison didn’t seek Beijing’s approval in advance, and he had planned to use the port issue as a bargaining chip in negotiations with the Trump administration.
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