China COSCO Shipping Corp. is seeking veto rights or equivalent powers as part of its participation in a global consortium acquiring 43 overseas ports owned by Hong Kong tycoon Li Ka-shing.
The ports, which include two strategically located along the Panama Canal, are subject to a deal that has drawn scrutiny due to geopolitical sensitivities.
According to Bloomberg, COSCO’s demand for veto authority is aimed at ensuring it can block any consortium decisions that may be viewed as contrary to China’s interests, a move seen as necessary to secure Beijing’s approval for the transaction.
COSCO’s involvement follows weeks of negotiations and international attention over the sale, which involves a consortium backed by US firm BlackRock and Mediterranean Shipping Company (MSC).
The request for veto power underscores ongoing tensions over global port ownership and control, particularly where critical trade routes such as the Panama Canal are involved, and reflects China’s approach to safeguarding its strategic interests in overseas infrastructure.
Last month, CMA CGM announced that the COSCO SHANGHAI vessel will be phased into its AMERIGO service.