CK Hutchison Holdings Ltd. (00001) saw its shares surge 14.88% in pre-market trading on Wednesday, as the Hong Kong-based conglomerate agreed to sell its controlling stake in Panama Ports Company, which operates ports at both entrances of the Panama Canal, to a consortium led by BlackRock Inc. for around $23 billion.
The deal comes amid mounting pressure from the Trump administration, which has alleged, without evidence, that China is controlling the strategic waterway. President Trump has threatened to "take back" the Panama Canal, which is owned and operated by Panama, citing concerns over Chinese influence in the region.
Under the agreement, the BlackRock-led consortium, which includes Global Infrastructure Partners and Terminal Investment Limited, will acquire CK Hutchison's 80% interest in subsidiary Hutchison Port Holdings. The deal also includes Hutchison Port Holdings' 90% stake in Panama Ports Company, which operates the ports of Balboa and Cristobal on the Pacific and Atlantic sides of the canal, respectively.
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