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CK Hutch’s Ports Deal Required to Undergo Antitrust Review, Says China’s SAMR
April 28, 2025
China’s State Administration for Market Regulation (SAMR) has asserted that CK Hutchison’s proposed sale of its global ports business to a BlackRock-led consortium must undergo a thorough antitrust review and cannot circumvent regulatory scrutiny. The deal, valued at $22.8bn, involves the sale of 43 ports across 23 countries, excluding those in Hong Kong and mainland China. Notably, it includes two strategically significant ports near the Panama Canal, which have become a major focal point in light of the escalating US-China trade tensions. SAMR emphasized that any concentration of undertakings without approval would incur legal consequences. Reports indicate that the BlackRock consortium, is considering structuring the deal into two parts: one for the Panama ports and another for the remaining assets, to address regulatory concerns. US President Donald Trump has lauded the transaction as a means to reclaim control over the Panama Canal, while Chinese state media have said that it is detrimental to their national interests. Additionally, Singapore’s PSA International, which holds a 20% stake in CK Hutchison’s ports business, is contemplating selling its share, aligning with CK Hutchison’s decision to divest its majority stake.
CK Hutch’s dollar bonds were trading stable with its 5.5% 2034s at 100.32, yielding 5.45%
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