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BlackRock $23 Billion Deal Places Key Panama Ports Under U.S. Control
In a move seen as a major victory for the Trump administration, global investment management giant BlackRock has struck a $23 billion deal to place two crucial ports at the entrance and exit of the Panama Canal under American control.
The agreement, which comes amidst growing concerns over China’s influence in the strategic waterway, will see BlackRock acquire 90% stakes in Panama Ports Company, which operates the key ports of Balboa and Cristobal. This deal marks a significant shift in the management of these critical infrastructure assets, which have been operated by Hong Kong-based conglomerate CK Hutchison Holding since 1998.
The move is widely seen as a response to President Trump’s repeated allegations of Chinese interference with the Panama Canal operations. In January, U.S. Senator Ted Cruz raised concerns that China could exploit or block passage through the canal and that the ports “give China ready observation posts” to take action. The Trump administration has been vocal about its opposition to any perceived foreign influence in the canal.
In a joint statement announcing the deal, BlackRock CEO Larry Fink emphasized the company’s commitment to patient, long-term capital investment, stating that this agreement will enable clients to participate in this significant infrastructure project.
The deal is part of a larger trend of U.S. firms gaining control over critical global assets, as the Trump administration seeks to strengthen its economic influence abroad.
Source: https://www.cbsnews.com/news/blackrock-panama-canal-deal-ck-hutchison-trump/
