HONG KONG -- A billion-dollar deal by China Merchants Port Holdings, a state-owned enterprise that has been a leading investor in overseas ports, to acquire half of a French-owned portfolio of shipping terminals has been stalled by authorities in India and Vietnam.
China Merchants -- perhaps best known for taking over the Sri Lankan port of Hambantota on a 99-year lease under the umbrella of Beijing's Belt and Road Initiative -- set up a joint venture in 2013 with French shipping company CMA CGM to share ownership, 49% to 51%, over a global portfolio of 15 terminals. Last December, the two reached a $955 million deal for their Terminal Link venture to take on an additional 10 port assets.
