Foreign media: China COSCO Group is interested in acquiring Cheung Kong's port business and wants veto power
Bloomberg News on the 22nd cited sources saying that China COSCO Group is about to join a global consortium to acquire Cheung Kong's overseas ports, and has requested a veto power or equivalent authority in the entity taking over the ports.
China COSCO Shipping Group is applying to join the entity taking over 43 ports (including two strategically significant ports along the Panama Canal), and has requested a veto power or equivalent authority in this entity. COSCO said these rights are necessary to prevent any decisions that might harm China's interests.
Sources said that Cheung Kong's subsidiary, CK Infrastructure Holdings Limited, and the original buyer group (including BlackRock's Global Infrastructure Partners and Terminal Investment Company owned by Italian billionaire Luigi A. Aponte) have agreed to allow COSCO full access to information regarding the operation of the project.
However, they said that negotiations on the power of COSCO within the consortium are still ongoing and no final decision has been made yet.
Bloomberg cited some sources as saying that the 145-day exclusive negotiation between CK Infrastructure and the consortium may end on July 27, and specific details of COSCO's role in the consortium may be finalized by the end of September.
The initial structure of the buyer consortium is that Terminal Investment, controlled by the Aponte family, owns all the ports except for the two in Panama, while the control of the two Panamanian ports will belong to a subsidiary of BlackRock.
Original article: https://www.toutiao.com/article/1838351460095178/
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