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Investing.com -- PSA International, a ports operator owned by Singapore state investor Temasek, is contemplating the sale of its 20% stake in the ports business of Hong Kong conglomerate CK Hutchison, according to Reuters.
The decision to sell will hinge on whether CK Hutchison proceeds with its already announced plans to sell its 80% stake in the same business.
Last month, CK Hutchison, owned by tycoon Li Ka-shing, announced its intention to sell its majority stake, valued at $14.2 billion in equity, to a consortium led by BlackRock (NYSE:BLK). The business in question includes two ports located along the strategically significant Panama Canal.
The proposed sale has sparked differing reactions. U.S. President Donald Trump praised the deal as a "reclaiming" of the canal, while Chinese state media criticized it as a betrayal of China’s interests. In response to the proposed sale, China’s market regulator has initiated an antitrust review.
CK Hutchison and the BlackRock-led consortium have entered into exclusive negotiations for the sale, a process that is set to last for 145 days. The final decision by PSA on whether to sell its stake will depend on the outcome of these negotiations.
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