Deal with US finance giant BlackRock, valued at almost $23bn, comes amid push to curb perceived China influence

CK Hutchison Holdings, the Hong Kong-based logistics giant, announced plans to sell a majority stake in a business that controls ports in Panama to investors including the US financial giant BlackRock in a deal worth almost $23bn.

The sale of a 90% interest in Panama Ports Company, which holds the contract to run the ports of Balboa and Cristóbal until 2047, is part of a wider deal for Hutchinson Port’s global business. The deal comes at a time Donald Trump has piled on pressure to end what he sees as China’s influence and control over the Panama canal.