FINANCE

Cosco Tipped to Join Revamped Bid for CK Hutchison’s Global Ports

Published: Jul. 29, 2025 5:23 a.m. GMT+8

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Gantry cranes operated by Hongkong International Terminals Ltd., a unit of CK Hutchison Holdings Ltd.'s Hutchison Port Holdings Ltd., at the Kwai Tsing Container Terminals in Hong Kong, China, on March 17, 2025.

CK Hutchison Holdings is overhauling a $14.2 billion deal to sell its global portfolio of ports, inviting a major state-backed Chinese company to join the U.S.-led consortium of bidders in an effort to navigate thorny regulatory reviews.

The Hong Kong conglomerate, founded by billionaire Li Ka-shing, said in a Monday filing that its exclusivity period with a consortium led by asset-management giant BlackRock Inc. had expired. It now plans to continue negotiations by bringing in a major strategic investor from the Chinese mainland.

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CK Hutchison is revising its $14.2 billion sale of 80% of Hutchison Port Holdings by inviting China’s state-owned Cosco Shipping to join the BlackRock-led bidding consortium.
The deal, covering 43 ports in 23 countries—including Panama Canal sites—faces scrutiny from US, Chinese, and European regulators due to geopolitical sensitivities.
Involving Cosco may help secure Beijing’s approval but could trigger heightened regulatory review in the West, increasing uncertainty about the transaction’s outcome.

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Who’s Who

CK Hutchison Holdings: CK Hutchison Holdings is a Hong Kong conglomerate founded by billionaire Li Ka-shing. It is currently overhauling a $14.2 billion deal to sell its global port portfolio. The company is inviting a major state-backed Chinese company, possibly China Cosco Shipping Corp. Ltd., to join the U.S.-led consortium of bidders to navigate complex regulatory reviews from both Chinese and Western authorities.

BlackRock Inc.: BlackRock Inc. led a consortium bidding for an 80% stake in Hutchison Port Holdings Ltd. The deal, valued at $14.2 billion, focused on a global portfolio of ports. BlackRock's involvement was initially seen as balancing Chinese interests, especially concerning Panama Canal ports. However, the exclusivity period with BlackRock has expired, and CK Hutchison is now negotiating with a Chinese state-backed company to navigate regulatory reviews.

China Cosco Shipping Corp. Ltd.: China Cosco Shipping Corp. Ltd., a state-owned shipping giant, is reportedly in talks to join a U.S.-led consortium bidding for CK Hutchison Holdings' global port portfolio. This move aims to secure Chinese regulatory approval for the $14.2 billion deal, which includes politically sensitive assets near the Panama Canal. However, Cosco's involvement could trigger increased scrutiny from Western regulators.

Hutchison Port Holdings Ltd.: Hutchison Port Holdings Ltd. operates 43 ports across 23 countries. CK Hutchison Holdings is looking to sell an 80% stake in the company. Initially, the proposed transaction involved a consortium led by BlackRock Inc., but it faced regulatory resistance from both Chinese and US authorities. To navigate these issues, CK Hutchison is now considering bringing in a major state-backed Chinese company, possibly China Cosco Shipping Corp. Ltd., to join the bidding consortium.

Global Infrastructure Partners LP: Global Infrastructure Partners LP is part of the original consortium, alongside BlackRock and Terminal Investment Ltd., that initially planned to acquire an 80% stake in Hutchison Port Holdings Ltd. This deal, involving 43 ports across 23 countries, has faced regulatory scrutiny from both U.S. and Chinese authorities.

Terminal Investment Ltd.: Terminal Investment Ltd. (TiL) is a container terminal operator majority-owned by the Italian shipping company MSC. It was originally part of a consortium, alongside BlackRock and Global Infrastructure Partners LP, attempting to purchase an 80% stake in Hutchison Port Holdings Ltd.

MSC: MSC (Mediterranean Shipping Company) is the majority owner of Terminal Investment Ltd. (TiL), a container terminal operator. TiL was part of the original consortium, alongside BlackRock and Global Infrastructure Partners LP, that sought to acquire an 80% stake in Hutchison Port Holdings Ltd.

Cosco Shipping Ports Ltd.: Cosco Shipping Ports Ltd. (中远海运港口有限公司), a subsidiary of China Cosco Shipping Corp. Ltd., is reportedly in talks to join a US-led consortium bidding for CK Hutchison's global portfolio of ports. This move comes as CK Hutchison seeks to secure Beijing's approval for the deal. Cosco Shipping Ports had previously expressed interest in strategic assets to expand in South America, Africa, and Southeast Asia.

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What Happened When

Early March 2025：: The proposed transaction to sell an 80% stake in Hutchison Port Holdings Ltd. was initially announced.

March 2025：: China's State Administration for Market Regulation (SAMR) began reviewing the deal for antitrust concerns and cautioned against closing the transaction without regulatory clearance.

April 2025：: China's SAMR reiterated its review of the deal for antitrust concerns.

May 2025：: CK Hutchison publicly stated that the transaction would not proceed 'under any illegal or non-compliant circumstances.'

By September 15, 2025：: CK Hutchison's exclusivity period with the BlackRock-led consortium had expired.

September 15, 2025：: CK Hutchison announced in a filing that it plans to continue negotiations and is inviting a major strategic investor from the Chinese mainland to join the consortium.

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