According to Bloomberg, China Merchants Group is in talks to join the consortium aiming to acquire CK Hutchison Holdings’ port terminals, reopening a file that had remained stalled by geopolitical tensions between China and the US. The Chinese state-owned group could join China Cosco Shipping in financing the transaction, which covers more than 40 container terminals in a single deal. The operation, suspended for around a year, would have brought CK Hutchison more than $19 billion, equivalent to about €17.8 billion, and its scope also included terminals considered strategic along the Panama Canal. However, it remains unclear whether these are still included after the decision by Panama’s Supreme Court, which declared unconstitutional the contract awarded to CK Hutchison to operate the facilities.
The consortium was created by BlackRock’s GIP fund and Terminal Investment, controlled by the Aponte family through MSC Mediterranean Shipping, but the deal was obstructed by the Chinese Government. Cosco subsequently put itself forward to join the transaction, and the entry of China Merchants could now give fresh momentum to a complex negotiation in which the consortium’s final structure has not yet been defined. Bloomberg reports that the details remain subject to change and that progress will take time, partly because approvals are needed in the United States, China and the countries where the terminals are located.
China Merchants’ presence would also have a financial and political function. According to Bloomberg, the group entered the talks as a possible supporter of Cosco. Both companies are said to be interested in the assets because of the rare opportunity to gain exposure to such a broad network of terminals, although the political context remains central. Bloomberg also links the resumption of negotiations to the expected summit between US President Donald Trump and Chinese President Xi Jinping, scheduled for June 2026 in Beijing. According to sources cited by the agency, the meeting is fuelling expectations of a possible political breakthrough between the two powers, a condition that could help complete the transaction.
The Panama chapter adds a further layer of uncertainty. After the decision to invalidate the contract for the Balboa and Cristobal terminals, CK Hutchison initiated arbitration proceedings. Bloomberg also reports that Beijing had instructed state-owned companies to suspend talks on new projects in Panama, signalling that the port issue has now moved beyond the industrial sphere.
Antonio Illariuzzi
