The latest response from the State Administration for Market Regulation to the Changhe Port transaction incident
Recently, a spokesperson for the State Administration for Market Regulation answered questions from reporters regarding the Changhe Port transaction.
A reporter asked, according to a report by The Wall Street Journal on April 16th, CK Hutchison Holdings Limited (CK Hutchison) will sell its overseas ports in two separate transactions to continue. What is the comment of the State Administration for Market Regulation on this?
The spokesperson stated, "We are highly concerned about the transaction and will conduct a review in accordance with the law. All parties involved in the transaction shall not evade the review in any way, and shall not carry out any concentration without approval, otherwise they will bear legal responsibility
On March 4th, Changhe announced that it has reached a principle agreement with a consortium consisting of BlackRock, BlackRock's Global Infrastructure Partnership (GIP), and TiL, a terminal operator under MSC, to acquire Changhe's core assets in global port business.
The acquisition mainly includes two parts: Changhe sells 90% equity of Panama Ports Corporation (PPC) to the BlackRock TIL consortium, which owns and operates the ports of Balboa and Cristobal in Panama; Changhe plans to sell all of its shares in Hutchison Port Holdings (HPHS) and Hutchison Port Group Holdings (HPGHL) to the consortium. Together, they hold 80% of Changhe's equity in Hutchison Port Group, which owns and operates 199 berths and related assets in 43 ports in 23 countries worldwide.
Changhe emphasized that the assets sold this time do not include the equity of HPH Trust, which operates ports in Hong Kong, Shenzhen, and southern China, or any ports in mainland China.
On March 28th, the head of the Second Anti Monopoly Department of the State Administration for Market Regulation stated that they have taken note of this transaction and will conduct a review in accordance with the law to protect fair market competition and safeguard public interests.
A reporter asked, according to a report by The Wall Street Journal on April 16th, CK Hutchison Holdings Limited (CK Hutchison) will sell its overseas ports in two separate transactions to continue. What is the comment of the State Administration for Market Regulation on this?
The spokesperson stated, "We are highly concerned about the transaction and will conduct a review in accordance with the law. All parties involved in the transaction shall not evade the review in any way, and shall not carry out any concentration without approval, otherwise they will bear legal responsibility
On March 4th, Changhe announced that it has reached a principle agreement with a consortium consisting of BlackRock, BlackRock's Global Infrastructure Partnership (GIP), and TiL, a terminal operator under MSC, to acquire Changhe's core assets in global port business.
The acquisition mainly includes two parts: Changhe sells 90% equity of Panama Ports Corporation (PPC) to the BlackRock TIL consortium, which owns and operates the ports of Balboa and Cristobal in Panama; Changhe plans to sell all of its shares in Hutchison Port Holdings (HPHS) and Hutchison Port Group Holdings (HPGHL) to the consortium. Together, they hold 80% of Changhe's equity in Hutchison Port Group, which owns and operates 199 berths and related assets in 43 ports in 23 countries worldwide.
Changhe emphasized that the assets sold this time do not include the equity of HPH Trust, which operates ports in Hong Kong, Shenzhen, and southern China, or any ports in mainland China.
On March 28th, the head of the Second Anti Monopoly Department of the State Administration for Market Regulation stated that they have taken note of this transaction and will conduct a review in accordance with the law to protect fair market competition and safeguard public interests.
