According to reports, Cosco is asserting that veto power within the consortium is “necessary” to prevent decisions adverse to China’s interests and to secure Beijing’s approval of the operation.
The consortium is in negotiations to acquire 43 port assets, including the Balboa and Cristóbal terminals currently operated by CK Hutchison, owned by Hong Kong magnate Li Ka-shing. While the partners are willing to grant Cosco full access to business information, an agreement has not yet been reached regarding the extent of the powers of China’s largest shipping company.
Negotiations are ongoing until July 27, but Cosco’s terms of participation may only be finalized in September, indicated a Bloomberg report.
The deal, valued at approximately $23 billion (21 billion euros), is at the center of tensions between China and the United States. This follows U.S. President Donald Trump’s description of the transaction as a “regaining” of U.S. control over the Panama Canal, criticizing China’s growing influence on the infrastructure.
Beijing responded with skepticism, with state media likening the agreement to “handing a knife to a rival” and announcing an investigation into the operation.
The plan involves transferring 90% of shares in Panamanian ports to the consortium led by BlackRock, amid heightened international scrutiny over China’s role in strategic logistical infrastructures.
