Li Ka-shing Ports Sale Slows on Regulatory Hurdles, Cosco’s Role
(Bloomberg) — Hong Kong tycoon Li Ka-shing’s attempt to sell CK Hutchison Holdings Ltd. ports in the Panama Canal and other locations around the world has slowed as negotiators try to untangle a web of issues hampering an agreement, including the role played by China’s biggest shipping company.
While talks are ongoing, the timing of any potential deal is unknown because of uncertainties such as the structure of the buying consortium, people familiar with the matter said. Unresolved matters include what kind of role China Cosco Shipping Corp. will play and how to win approval from various national regulators since the ports for sale span the globe, the people said, asking not to be identified discussing private information.
In a bid to win Beijing’s blessing for the controversial deal, the buyer group that includes BlackRock Inc.’s Global Infrastructure Partners and Italian billionaire Gianluigi Aponte’s Terminal Investment Ltd. has been in talks with Cosco to join their consortium. Cosco wants veto rights in the entity that will control the portfolio of ports, Bloomberg News reported in July.
Negotiations have been going for months without clear progress toward a finalized structure and plan, the people said, as the parties involved in talks each have their own interests and agendas.
Despite the sluggish progress, some buyers, including the Aponte family, are still committed to finding a way to complete the transaction because they regard the deal as important for growth, one of the people said.
Spokespeople for Hutchison, TIL and Cosco didn’t respond to requests for comment. A representative for BlackRock declined to comment.
CK Hutchison in August ruled out the likelihood of the sale of 43 ports being completed this year, but remained optimistic about its prospects. The conglomerate pointed out the complexity of the process, which if completed could net it more than $19 billion in cash.
While US President Donald Trump hailed the planned sale as a win over the Panama waterway, Beijing has expressed strong displeasure with what it sees as a betrayal of China and kowtowing to American pressure.
CK Hutchison has said it wouldn’t proceed with a transaction that didn’t have the approval of all relevant authorities.
Revenue from CK Hutchison’s ports and related services business rose 9% from a year earlier in the first half of 2025, helped by higher throughput and storage income in regions including mainland China, Asia, the Middle East, Mexico and Europe as customers stocked up on goods before US tariffs kicked in.
The Hong Kong-listed company’s shares have climbed 31% this year, with a big jump coming in early March when the ports deal was announced. Hong Kong’s Hang Seng Index is up 28% in 2025.
–With assistance from Silla Brush.
©2025 Bloomberg L.P.
