Hutchison Port Stake off the Market

Hutchison Whampoa has announced that it will not be selling a 40% stake in its port business, Hutchison Port Holdings after strong reports linked the Hong Kong based company with a multi-billion dollar sale.

PTI previously reported that a consortium of Chinese companies were looking to purchase a US$20bn-share in Hong Kong billionaire Li Ka-shing’s company.

However, according to the Journal of Commerce, this transaction has faltered because of the ‘excessively overvalued’ price.

The consortium consisted of China’s top two port operators, China Merchants Holdings International (CMHI) and COSCO Pacific, as well as China Shipping Terminal Development and the State Development and Investment Corp.

CMHI made the largest investment in Sri Lanka, where it invested around $500 million in Colombo International Container Terminal.

COSCO Pacific’s overseas port operations includes PSA in Singapore, Antwerp Gateway, Greece’s Piraeus Container Terminal, and the Suez Canal Container Terminal.