Hong Kong group CK Hutchison will not sell its Panama ports until 2026

On March 4, to Beijing's great astonishment, the Hong Kong group CK Hutchison announced that it had sold the majority of its port activities to a consortium led by the American asset manager BlackRock. This sale, for €20.5 billion, included the management of 43 ports in 23 countries, including two at the ends of the Panama Canal, and came a few weeks after a tirade by American President Donald Trump, calling for an end to "Chinese control" of this canal, through which a portion of world trade passes.

The Chinese central government viewed this sale as a threat to its strategic interests. Some in the local press denounced the company, owned by 97-year-old Hong Kong billionaire Li Ka-shing, as a "betrayal of the entire Chinese people." And now, this explosive project, which had become a geopolitical battle, has finally turned into a damp squib.

"The deal is taking much longer than we anticipated when we announced it in March, but frankly, that's not particularly problematic," said Frank Sixt, the conglomerate's co-CEO and CFO, on Thursday, August 14, during the presentation of the half-year results. According to him, the sale will not take place before 2026: "We are at a new stage of the deal and that includes discussions with a major Chinese strategic investor." He added: "I think there is a reasonable chance that all these discussions will result in an agreement that is satisfactory to all parties, including us, and that – most importantly – will be able to be approved by all the relevant authorities."

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