China’s state-owned shipping giant COSCO Shipping Group is seeking to join a global consortium acquiring ports overseas from Hong Kong tycoon Li Ka-shing’s CK Hutchison Holdings, and has requested veto power or equivalent authority in the entity that would take over 43 ports, Bloomberg News reported on Monday.
The report cited people familiar with the matter as saying COSCO views such rights as crucial to blocking any decisions that could harm China’s interests.
According to the report, CK Hutchison and the original buyer group—including BlackRock’s Global Infrastructure Partners and Terminal Investment Ltd, owned by Italian billionaire Gianluigi Aponte—have agreed that COSCO should have full visibility into the operations. Negotiations are ongoing, and no final decisions have been made.
The consortium plans to acquire multiple ports, including two strategically important ones along the Panama Canal.
COSCO, CK Hutchison, BlackRock, and Terminal Investment did not immediately respond to Reuters’ requests for comment. Reuters could not immediately verify the report.
