Latest news with #LiKa-Shing
New York Post
5 days ago
- Business
- New York Post
China threatens to squash Panama ports deal unless its shipping giant gets an equal stake: report
China has threatened to block a deal for dozens of global ports – including two near the Panama canal – if its own shipping giant doesn't get a sizable stake, according to a report Thursday. The deal, valued at around $20 billion, hands over more than 40 global ports owned by Hong Kong business magnate Li Ka-Shing to US asset manager BlackRock and Mediterranean Shipping Company. China is demanding that Cosco, its largest shipping firm, be an equal partner to BlackRock and MSC in the deal, sources familiar with the matter told the Wall Street Journal. A Cosco Shipping container freighter in the Port of Hamburg. BlackRock, MSC and Li's firm, CK Hutchison, are all open to that idea, sources said. MSC, Cosco and the Chinese Embassy did not immediately respond to The Post's requests for comment. BlackRock declined to comment. The firms are currently staring down a July 27 deadline, when exclusive talks between the three partners will end and Cosco can be added to the deal. But that change will likely anger President Trump, who has viewed the deal as a national security win as he argues that the US needs to 'take back' the waterway. Chinese officials, meanwhile, have told Chinese state-owned companies to freeze any incoming deals with Hutchison or other businesses linked to Li, sources told the Journal. The inclusion of Cosco emerged as a way to nudge the deal forward following intense US-China trade talks in Switzerland, Bloomberg reported last month. A view of the Panama City skyline and Balboa port. Nicola78/Wirestock Creators – Chinese authorities have told BlackRock, MSC and Hutchison that without Cosco's inclusion in the deal, Beijing will take steps to block the sale, sources said. And the firms involved in the deal can't afford to burn bridges with China. BlackRock and Hutchison both have interests in the nation, and MSC is one of the largest shippers of Chinese exports in the world. Italian billionaire Gianluigi Aponte's family-run business, MSC, has emerged as the lead investor in the deal, though BlackRock is notably expected to take over the two key Panama ports included in the sale. The deal is expected to position MSC as the world's largest terminal operator. It wouldn't be the first time China has squashed such a deal. In 2014, it blocked a major shipping alliance between MSC, Denmark's AP Moeller-Maersk and France's CMA CGM.
Business Times
08-07-2025
- Business
- Business Times
Chuan Grove site draws 7 bids with S$1,376 psf ppr top bid from SingHoldings, Sunway joint venture
[SINGAPORE] A joint venture between SingHoldings and Sunway Developments placed the top bid for a 99-year leasehold private housing site in Chuan Grove, beating out six other bidders at the government tender's close on Tuesday (July 8). The S$703.6 million bid works out to S$1,376 per square foot per plot ratio (psf ppr), at the higher end of predictions by analysts polled earlier by The Business Times. The winning bid was 7.3 per cent higher than the second-highest of S$655.5 million (S$1,282 psf ppr) placed by City Developments Ltd (CDL). The next highest bid of S$655 million, or S$1,281 psf ppr was placed by Sim Lian Group. A total of seven bids were submitted for the Serangoon Gardens area plot. Kingsford Group, the developer of the nearby Chuan Park project which was launched last year, put in a bid at S$639.6 million (S$1,251 psf ppr). The state land tender also saw a bid from Coli (Singapore) Pte Ltd which placed a S$1,203 psf ppr bid, while a Hong Leong-TID tie-up bid S$1,171 psf ppr. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Japura Development, an entity linked to Li Ka-Shing's CK Asset Holdings, placed the lowest bid of S$1,001 psf ppr. The Chuan Grove site, of almost 16,000 square metres in area, can yield around 555 units. A second parcel adjacent to the site, for another 505 new units, is also up for offer in a tender that closes in September. Recent government land sales (GLS) tenders have seen a marked shift in sentiment, with more players turning up and putting in firm offers for what are seen to be attractive sites. In March, an eastern region site in Bayshore attracted eight bids and a top bid of S$1,388 psf ppr - the highest land price chalked up for a 99-year leasehold site in the suburban Outside Central Region. In June, a prime district 11 Dunearn Road plot, which will produce the first private condo in the new Bukit Timah Turf City estate, was hotly contested by nine bidders and topped by a S$1,410 psf ppr from a Frasers Property-led group. The Chuan Grove site tendered this week is the first state land site in the area around the Lorong Chuan MRT station released since 2009, when Hong Leong Group won a land parcel in Serangoon Avenue 3 for S$221 million or S$529 psf ppr. The site has since been built into The Scala which was sold at an average of S$1,150 psf when it was launched in 2010. More recently, Kingsford acquired the old Chuan Park condominium site at a collective sale in May 2023 for S$890 million. BT understands the land cost for the site, including a land betterment charge, came to around S$1,200 psf ppr. The new Chuan Park project was launched in 2024, selling 76 per cent or nearly 700 of its 916 units at an average price of S$2,579 psf ppr over its launch weekend.
New York Post
13-06-2025
- Business
- New York Post
China-backed firms in talks to join stalled $19B Panama ports deal: report
Several China state-backed firms – including the country's largest shipping company – are reportedly in talks to join a stalled $19 billion deal for 43 global ports, including two along the Panama Canal. China's Cosco Shipping Corp. has held discussions about partnering with a global consortium headed by Italian billionaire Gianluigi Aponte's Terminal Investment Ltd., as well as US asset manager BlackRock and its Global Infrastructure Partners unit, sources familiar with the matter told Bloomberg. The move comes after Beijing's fierce opposition has jeopardized a deal that would hand over control of the ports owned by Hong Kong business magnate Li Ka-Shing to TiL and BlackRock, the world's largest asset manager led by Larry Fink. 3 China's largest shipping company is reportedly in talks to join a group of investors in a massive ports deal including two along the Panama Canal. REUTERS President Trump had touted the sale of the ports as a national security win after demanding the US 'take back' the Panama Canal and eliminate Chinese influence over the critical shipping lane. The inclusion of Cosco and other China state-backed companies emerged as a way to nudge the deal forward after intense trade talks between US officials and their Beijing counterparts over tariffs in Switzerland last month, sources told Bloomberg. The consortium is staring down a deadline in late July after a 145-day period for talks on the ports deal expires, and have already missed an initial goal of signing an agreement by early April. Aponte's family-run business – Mediterranean Shipping Company, which owns TiL – has emerged as the lead investor, though BlackRock is notably expected to take over the two Panama ports included in the sale. The deal is expected to crown Aponte's MSC as the world's largest terminal operator after acquiring the ports from Li's CK Hutchison Holdings. China has steadfastly opposed the deal over concerns it could hinder its global trade and shipping operations. 3 Hong Kong business magnate Li Ka-Shing is the senior adviser for ports operator CK Hutchison Holdings. Bloomberg via Getty Images Talks are ongoing and terms of the deal have not been finalized, sources told Bloomberg. BlackRock declined to comment. Cosco Shipping and TiL did not immediately respond to requests for comment. The White House and CK Hutchinson did not immediately respond to The Post's request for comment. The canal, which was finished by US engineers, was handed back to Panama between 1977 and 1999 under a Jimmy Carter-era treaty establishing permanent neutrality. 3 Italian billionaire Gianluigi Aponte owns Mediterranean Shipping Company. AFP via Getty Images The head of the operator of the Panama Canal has warned that the deal could threaten its commitment to neutrality. 'There is a potential risk of capacity concentration if the deal comes the way it is structured as we understand right now,' Ricaurte Vasquez Morales, administrator of the Panama Canal, told the Financial Times in an interview published this week. 'If there is a significant level of concentration on terminal operators belonging to an integrated or one single shipping company, it will be at the expense of Panama's competitiveness in the market and inconsistent with neutrality.'
Yahoo
02-06-2025
- Business
- Yahoo
Vodafone and Three merge to become Britain's biggest mobile network
Vodafone and Three have vowed to improve Britain's patchy 5G coverage after completing their long-awaited £15bn mega-merger. The two companies said they have closed the deal to create VodafoneThree, which is now the UK's largest mobile network operator with around 27m customers. Bosses said VodafoneThree will invest £11bn over the next decade to create one of Europe's most advanced 5G networks. This includes a £1.3bn capital expenditure pledge in the first year. Margherita Della Valle, chief executive of Vodafone Group, said: 'The merger will create a new force in UK mobile, transform the country's digital infrastructure and propel the UK to the forefront of European connectivity. 'We are now eager to kick off our network build and rapidly bring customers greater coverage and superior network quality. The transaction completes the reshaping of Vodafone in Europe, and following this period of transition we are now well-positioned for growth ahead.' It comes two years after Vodafone and Three owner CK Hutchison, which is owned by the Hong Kong billionaire Li Ka-Shing, first announced plans to merge their UK operations. The deal has been held up by a lengthy regulatory process amid concerns reducing the number of UK mobile network operators from four to three would push up prices for consumers. Unions and China-sceptic MPs also raised concerns about granting Hong Kong-based CK Hutchison access to critical national infrastructure and sensitive government contracts. However, the deal passed a national security review and in December the Competition and Markets Authority gave the green light to the merger. Vodafone and Three have made a number of legally binding commitments, including the £11bn investment pledge and guarantees around some consumer tariffs. More recently, the launch has been delayed by negotiations between Vodafone and CK Hutchison over the terms of the deal. The newly merged company will be 51pc owned by Vodafone, while Three will hold the remaining 49pc. Vodafone has an option to buy out Three's stake after three years. It will be led by Max Taylor, current chief executive of Vodafone UK, while Three's Darren Purkis has been appointed chief financial officer. Bosses said the combined company was expected to deliver cost savings of around £700m per year, unlocking more money for network investment. VodafoneThree's net debt is expected to be £6bn. The parent companies have agreed to contribute £800m of equity to support working capital requirements. Canning Fok, deputy chairman of CK Hutchison, said: 'As we have demonstrated in other European markets, scale enables the significant investment needed to deliver the world-beating mobile networks our customers expect, and the Vodafone and Three merger provides that scale. 'In addition, this transaction unlocks significant shareholder value, returning approximately £1.3bn in net cash to the group.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-06-2025
- Business
- Yahoo
Vodafone and Three merge to become Britain's biggest mobile network
Vodafone and Three have vowed to improve Britain's patchy 5G coverage after completing their long-awaited £15bn mega-merger. The two companies said they have closed the deal to create VodafoneThree, which is now the UK's largest mobile network operator with around 27m customers. Bosses said VodafoneThree will invest £11bn over the next decade to create one of Europe's most advanced 5G networks. This includes a £1.3bn capital expenditure pledge in the first year. Margherita Della Valle, chief executive of Vodafone Group, said: 'The merger will create a new force in UK mobile, transform the country's digital infrastructure and propel the UK to the forefront of European connectivity. 'We are now eager to kick off our network build and rapidly bring customers greater coverage and superior network quality. The transaction completes the reshaping of Vodafone in Europe, and following this period of transition we are now well-positioned for growth ahead.' It comes two years after Vodafone and Three owner CK Hutchison, which is owned by the Hong Kong billionaire Li Ka-Shing, first announced plans to merge their UK operations. The deal has been held up by a lengthy regulatory process amid concerns reducing the number of UK mobile network operators from four to three would push up prices for consumers. Unions and China-sceptic MPs also raised concerns about granting Hong Kong-based CK Hutchison access to critical national infrastructure and sensitive government contracts. However, the deal passed a national security review and in December the Competition and Markets Authority gave the green light to the merger. Vodafone and Three have made a number of legally-binding commitments, including the £11bn investment pledge and guarantees around some consumer tariffs. More recently, the launch has been delayed by negotiations between Vodafone and CK Hutchison over the terms of the deal. The newly-merged company will be 51pc owned by Vodafone, while Three will hold the remaining 49pc. Vodafone has an option to buy out Three's stake after three years. It will be led by Max Taylor, current chief executive of Vodafone UK, while Three's Darren Purkis has been appointed chief financial officer. Bosses said the combined company is expected to deliver cost savings of around £700m per year, unlocking more money for network investment. VodafoneThree's net debt is expected to be £6bn and the parent companies have agreed to contribute £800m of equity to support working capital requirements. Canning Fok, deputy chairman of CK Hutchison, said: 'As we have demonstrated in other European markets, scale enables the significant investment needed to deliver the world-beating mobile networks our customers expect, and the Vodafone and Three merger provides that scale. 'In addition, this transaction unlocks significant shareholder value, returning approximately £1.3bn in net cash to the group.'
