A BlackRock-backed $23bn acquisition of dozens of global ports, including key assets in the Panama Canal, is at risk of collapsing after China’s state-owned shipping giant Cosco demanded a majority stake in the deal.
Three people familiar with the talks said BlackRock and Mediterranean Shipping Company were considering walking away from a deal to buy the ports from CK Hutchison if Cosco were to insist on getting a majority stake.
Hong Kong-based CK Hutchison announced in March that it would sell 43 ports in 23 countries, including two on the Panama Canal, to a consortium including BlackRock and a subsidiary of MSC, the Swiss-Italian shipping group.
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