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COSCO Shipping Seeks to Acquire Min. 20% Stake in CKH's Port Deal: Wire
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China COSCO Shipping Corporation is seeking to hold at least 20-30% equity interest in CKH HOLDINGS (00001.HK)'s USD23 billion port sale transaction, the Financial Times reported, citing people with the knowledge of the matter. Last month, CKH had announced that the exclusive negotiation period with the consortium led by BlackRock and Mediterranean Shipping Company (MSC) had expired, and it intends to invite major strategic investors from mainland China to join as key members of the consortium. The deal involves 43 ports across 23 countries, including the controversial Panama Canal ports. After the expiration of the exclusive negotiation period, COSCO Shipping requested a substantial stake in the transaction. The current discussion includes COSCO Shipping acquiring equity in 41 ports, excluding the two Panama ports. At the moment, COSCO Shipping is the only Chinese company allowed to participate in the negotiations, giving it immense leverage, as the BlackRock-led consortium needs a Chinese partner to get a nod from Chinese authorities for the deal. AASTOCKS Financial News Website: www.aastocks.com |
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