BlackRock Brokers Deal to Bring Panama Canal Back Under American Control

The 🚢Panama Canal could soon be back in the control of the U.S., after a Hong Kong-based conglomerate agreed to sell its controlling stake in a subsidiary that operates ports near the canal to a consortium that includes 💼BlackRock Inc.

According to the Associated Press, the business move would put the ports under the control of the U.S. In a filing, CK Hutchinson said Tuesday that it would be selling shares in Hutchinson Port Holdings and Hutchinson Port Group Holdings for almost $23 billion which include roughly $5 billion worth of debt.

💼BlackRock would be given control of 43 ports in 23 countries, which includes Balboa and Cristobal ports in Panama, ports in Mexico, the Netherlands, Egypt, Australia, Pakistan, and other countries. The deal must, however, first get the approval of Panama’s government and ports that operate in Hong Kong or China are exempt.

The AP reported that around 70% of all sea traffic that passes through the 🚢Panama Canal is either coming or going from U.S. ports. Trump