Panama Canal ports sale has been put on hold by Chinese regulators
CNN
Chinese antitrust regulators are investigating a US consortium’s deal for two ports in the Panama Canal zone, delaying the deal’s closing that was originally set for next week.
Chinese antitrust regulators are investigating a US consortium’s deal for two ports in the Panama Canal zone, delaying the deal’s closing that was originally set for next week. President Donald Trump has incorrectly claimed China controls the canal (Panama controls it, although China owns ports on both sides of the crucial maritime passage). Trump has threatened to have the United States once again take control of the canal between the Atlantic and Pacific oceans. The deal, led by BlackRock, the world’s largest asset manager with an enormous pool of $11.6 trillion in assets, was announced earlier this month and was widely viewed as a way to ease tensions in the region. BlackRock agreed to lead a group that would buy Hong Kong firm CK Hutchison’s controlling interest in 43 other ports around the world, comprising 199 berths in 23 countries. But the China’s anti-monopoly department of the state administration for market regulation issued a statement Friday saying it has started an investigation into the deal “in accordance with the law to protect fair competition in the market and safeguard the public interest.” Following that announcement CK Hutchinson decided that “There will not be an official signing of the two Panama ports deal next week,” according to a report in the South China Morning Post, citing a source close to the Hong Kong firm. The 51-mile canal is a crucial passage for both cargo ships and military ships to travel been the Atlantic and Pacific oceans. About 4% of the world’s maritime trade and more than 40% of US container traffic traverses canal.
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