Today, Beijing and Hong Kong officials have spoken out against BlackRock’s $22.8 billion plan to purchase the Balboa and Cristobal ports in the Panama Canal from CK Hutchison.
The deal, which is currently an “agreement in principle” has caused criticism from Beijing and potentially put Hong Kong–based CK Hutchison under investigation.
A spokesperson for the Chinese Foreign Ministry, Mao Ning, stated: “I would like to emphasize that China has always firmly opposed the use of economic coercion, hegemonism and bullying to infringe upon the legitimate rights and interests of other countries.”
John Lee, leader of Hong Kong also said Tuesday: “We oppose the abusive use of coercion or bullying tactics in international, economic and trade relations.”
CK Hutchison’s shares have dropped 5% today as spooked investors doubt BlackRock’s strategy, believing that without Beijing’s support, the deal may not ultimately go through.
By CEO NA Editorial Staff
