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Investing.com-- CK Hutchison’s (HK:0001) plan to sell most of its $22.8 billion ports business to a BlackRock-led consortium is unlikely to progress soon, with a Sunday deadline for talks likely to be extended, Reuters reported on Friday.
The Hong Kong conglomerate had agreed earlier this year to sell most of its port business, which includes two important locations in the Panama Canal, to a group led by BlackRock Inc (NYSE:BLK) and Italian shipping firm MSC.
A Sunday deadline for the parties to reach a deal is likely to be extended, barring which, the sale could fall through, Reuters reported, citing people close to the negotiations.
A deal to sell operations near the Panama Canal was also not signed by an April 2 deadline.
Washington had welcomed the deal, given that it would meet President Donald Trump’s demands for the removal of Chinese ownership of strategically important ports near the canal.
But Beijing had largely criticized the deal, with pro-government media stating that it would betray national interests. China’s top market regulator also called for an antitrust review.
Recent reports said that Chinese ports operator Cosco Shipping Corp was also seeking to join the consortium of buyers.