CK Hutchison to proceed with Panama ports sale

CK Hutchison (0001) is proceeding with the sale of its ports business to a group led by BlackRock as scheduled, according to Bloomberg News.

All parties involved are finalizing due diligence, tax, accounting and other transaction terms, with plans to move to the signing of the agreement as previously set by April 2, the news agency reported on Wednesday, citing sources. 

The 145-day exclusive negotiations period with the consortium leaves no room for other potential bidders -- such as Chinese state-owned enterprises -- to compete with, the report said. 

The local conglomerate has agreed to sell the business, including two Panama ports, to the group and will stand to receive US$19 billion (HK$148.2 billion) in cash proceeds upon completion. 

STAFF REPORTER