A proposed $23 billion acquisition of dozens of ports worldwide by a BlackRock- and Mediterranean Shipping Company (MSC)-led consortium is facing serious uncertainty after China’s state-owned shipping major Cosco sought a majority stake in the transaction, according to people familiar with the matter.
The consortium had agreed in March to acquire 43 ports across 23 countries from Hong Kong-based CK Hutchison, including two strategically significant ports located along the Panama Canal. However, negotiations have become increasingly complex following objections from Beijing, which has raised national security concerns despite the deal involving no mainland Chinese assets.
In an effort to address regulatory resistance from China, Cosco was invited earlier this summer to join the consortium as a minority partner. Initial discussions reportedly considered giving Cosco a 20–30 per cent stake in the portfolio of global ports, excluding the Panama Canal assets. These ports include major facilities such as Thamesport in the UK and Rotterdam in the Netherlands.
However, Cosco has since pushed for a majority ownership position, a move that has raised alarm among the existing bidders. Sources say BlackRock and MSC are now considering walking away from the deal if Cosco insists on controlling the consortium. It remains unclear whether Cosco’s stance reflects negotiating tactics or a directive from Chinese authorities.
The original deal structure would have given BlackRock control over the Panama Canal ports, while the Aponte family-controlled MSC would have taken majority ownership of CK Hutchison’s remaining non-Chinese ports across Europe, Southeast Asia, and the Middle East.
The transaction has geopolitical implications, drawing praise from US President Donald Trump, who has pledged to reduce foreign influence over the Panama Canal, while simultaneously attracting criticism from Chinese officials.
Market reaction to the announcement was initially positive, with CK Hutchison’s Hong Kong-listed shares jumping 33 per cent in the days following the deal’s disclosure.
Negotiations are ongoing, but sources indicate that any successful completion of the transaction may ultimately depend on an improvement in US–China relations, potentially pushing resolution into 2026.
BlackRock declined to comment, while CK Hutchison, MSC, Cosco, and China’s foreign ministry have not responded to requests for comment.