CK Hutchison Rules Out Ports Deal Being Completed This Year

CK Hutchison Holdings Ltd. Optimistic About Port Sale Deal Despite Delays

(Bloomberg) —

CK Hutchison Holdings Ltd. has ruled out the possibility of finalizing the controversial sale of its global ports to a BlackRock Inc.-backed consortium this year. However, the conglomerate remains optimistic about the deal’s prospects after introducing a Chinese investor into the negotiations.

During an analysts briefing following the release of its interim earnings results, CK Hutchison co-managing director Frank Sixt stated that even if binding agreements are reached soon, the transaction would not be completed this year. Sixt highlighted the complexity of the deal, which encompasses 43 of CK Hutchison’s ports, including two in the strategic Panama Canal. The potential sale could bring in over $19 billion in cash for the company.

“We are in a new stage of our deal, which includes discussions with a major strategic Chinese investor,” said Sixt. “I believe that there is a reasonable chance that those discussions will lead to a deal beneficial for all parties involved, including ourselves, and most importantly, capable of approval by relevant authorities.”

The uncertainty surrounding the deal reflects the geopolitical tensions between the US and China, with the sale becoming a point of contention. While President Donald Trump has praised the deal as a victory for the US, China has expressed strong disapproval, viewing it as a betrayal and yielding to American pressure.

Despite the challenges, CK Hutchison remains positive about the deal’s progress. The company’s shares fluctuated in early trading following a significant profit drop of 92% in the first half of the year. The missed opportunity to finalize a definitive agreement before the exclusive talks window expired in July added to the complexities of the negotiations.

State-owned China Cosco Shipping Corp. has been negotiating a prominent role within the buying consortium, alongside Italian billionaire Gianluigi Aponte’s Terminal Investment Ltd. Discussions have extended longer than anticipated, but CK Hutchison remains confident in the performance of its port operations this year.

The company reported a 9% increase in revenue from its ports and related services business in the first half of the year, with a 10% rise in earnings before interest, taxes, depreciation, and amortization. Higher throughput and storage income in various regions have contributed to this growth.

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