Hong Kong-based conglomerate CK Hutchison has agreed to sell its controlling stake in two Panama Canal ports to a consortium that includes U.S. asset manager BlackRock amid pressure from the Trump administration over the ports’ ties to China. President Trump claimed the sale as a victory and suggested the U.S. was reclaiming the canal. However, both China and Panama denied foreign interference in the canal, stating it remains a neutral international waterway. The consortium would gain control of an 80% interest in CK Hutchison subsidiary Hutchison Ports and 90% of Panama Ports, which operate at both ends of the canal. The deal was valued at $22.8 billion and does not affect the company’s ports in China. The sale comes as part of broader concerns over control of the vital canal, with Trump suggesting military force to seize it back from Panama, despite the U.S. relinquishing control in 1999. The ports are mainly used for cargo handling, with the canal itself being run by the Panama Canal Authority. The potential sale was seen as a response to political pressure, with CK Hutchison stressing it was a purely commercial decision. The deal was expected to boost CK Hutchison’s stock value and was subject to regulatory approval.
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