CK Hutchison will not sign a deal next week to sell its two Panama Canal port operations to a BlackRock-led group, Reuters reported, citing two sources familiar with the matter.
The delay comes amid mounting political pressure from Beijing.
The Hong Kong-based conglomerate had agreed earlier this month to sell most of its $22.8 billion global ports business, including its Panama assets, to a consortium led by BlackRock.
Definitive documentation for the Panama terminals was expected by 2 April.
One source told Reuters the delay was due to “obvious reasons,” without providing further detail. Both sources confirmed talks remain ongoing and that the date was not a hard deadline.
The move follows growing criticism from Chinese authorities. China’s State Administration for Market Regulation announced an antitrust review of the deal via its official WeChat account, citing the need to “protect fair competition and safeguard public interests.”
Some of these commentaries were reposted by China’s Hong Kong and Macau Affairs Office.
The two ports in question are part of a broader deal involving 43 ports across 23 countries.
CK Hutchison has operated the Panama facilities since 1998 and secured a 25-year extension in 2021. The deal, if completed, is expected to generate over $19 billion in cash for the conglomerate.
The agreement, first announced earlier this month, includes the planned acquisition of 90 per cent of Panama Ports Company (PPC)—which operates the ports of Balboa and Cristobal—and 80 per cent of CK Hutchison’s interest in 43 ports across 23 countries.
The deal also covers associated management resources, terminal systems, and related assets.
