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**Financial Times** - Wednesday, March 7, 2024 (Reporter: Emily Zhang)

As the U.S. re-enters the "Trump cycle," President Trump's personal ambitions are rapidly reshaping the global business landscape, while the era's profound changes are also presenting a new stage for elite merchants to showcase their trading acumen.

In a late Tuesday night update, L K游 (Long和) disclosed that, under the leadership of BlackRock, a leading global investment firm, a principle agreement has been reached regarding the divestment of its core maritime business. The transaction involves 23 countries and 43 ports, including the two key ports at both ends of the Panama Canal. The total enterprise value of the deal is 228 billion U.S. dollars.

According to the agreement, BlackRock will acquire a 90% stake in L K游's Panama Port Company, a company that has been managing operations at the Pacific entrance of the Panama Canal since 1996 following the country's nationalization of its ports. The company currently operates two major ports: Balboa Port at the canal's Pacific entrance and Cristoval Pier at the Atlantic entrance.

The following diagram illustrates the operational locations of the ports.

**Trump's Ambitions**

The details of this deal's connection to the Trump administration were first reported in January. Sources indicate that during Trump's inauguration, the president once again emphasized his desire to regain control of the Panama Canal. This long-standing risk to L K游's operations, coupled with Trump's ongoing attention to the issue, prompted the company's top executives to consider the transaction.

The executives at L K游 also recognized that divesting politically sensitive assets in the Panama Canal was not a wise move. This strategic decision, born from the potential of transforming political pressure into a business advantage, was part of a broader plan for a "century-long port deal" that had been in the works for months after Trump took office.

By aggressively selling most of its ports, L K游 has successfully avoided direct confrontation with the risks posed by Trump's ambitions. Moreover, the deal has brought the company 190 billion U.S. dollars in cash proceeds, potentially including returns to shareholders through dividends or stock buybacks.

The stock price of L K游 rebounded significantly following the announcement, rising 21.86% on Wednesday and another 9.13% on Thursday. Over the period leading up to the transaction, L K游's shares had been steadily declining for ten consecutive years, with the year-on-year average dropping by 7% each year. Notably, the 190 billion U.S. dollars received from the deal is roughly equivalent to the company's market capitalization as of the time of the announcement.

展示：長和與周線圖

此外，貝萊德方面同樣展現(xiàn)出兩面性，一方面積極拉近與特朗普政府的關(guān)系，另一方面則為拓展另類投資領(lǐng)域奠定了關(guān)鍵基礎(chǔ)。

據(jù)悉，特朗普就職后，貝萊德CEO拉里·芬克曾聯(lián)系白宮，要求貝萊德安排交易以避免美國與運河發(fā)生沖突。

作為在華爾街久經(jīng)沙場的資深人士，芬克對華盛頓的任何變化都高度敏感，任何細微的風(fēng)吹草動都可能對他產(chǎn)生重大影響。

隨著特朗普回歸白宮，貝萊德在最新年度報告中刪減了關(guān)于多樣性政策（DEI）的相關(guān)措辭，并在備忘錄中指出，這一變動是美國法律和政策環(huán)境在DEI領(lǐng)域發(fā)生重大轉(zhuǎn)變所致。值得注意的是，今年1月，貝萊德退出了聯(lián)合國支持的氣候組織“凈零資產(chǎn)管理人倡議”（NZAM）。

2017年，芬克曾在白宮餐廳與特朗普會晤

隨著交易逐漸明朗，芬克親自向特朗普及其財長貝森特、國務(wù)卿魯比奧等核心成員做了匯報

在上述背景下，交易以異?？斓乃俣韧七M，多數(shù)程序通過視頻會議和電話完成。值得注意的是，通?；钴S于華爾街的顧問團隊并未參與這筆交易，僅有高盛一家投行參與撮合。

交易得以快速推進的另一個原因是貝萊德財團的構(gòu)成。其競標(biāo)伙伴包括GIP，而GIP與全球最大集裝箱航運公司MSC（地中海航運）支持的港口運營商TIL也參與了競標(biāo)。

在背后推動這筆交易的關(guān)鍵人物是地中海航運的意大利Aponte家族。這家航運巨頭本身就是長和港口業(yè)務(wù)的主要客戶，這一合作關(guān)系進一步增強了貝萊德財團的競標(biāo)實力。

小編注意到，消息人士透露，長和打算將這些港口資產(chǎn)轉(zhuǎn)移給他們信任的另一方 wealthy家族。消息人士表示，貝萊德家族的影響力不容小覷，而更重要的是，貝萊德的報價超出了長和的預(yù)期。對此，這位消息人士補充道："這是一個精明的策略，李嘉誠不太可能接受拖延。"

這次交易的談判涉及多家集團的高層領(lǐng)導(dǎo)，包括芬克、GIP的首席執(zhí)行官阿德巴約·奧貢勒西、李嘉誠，以及現(xiàn)任董事長李澤鉅。

華爾街的分析師們集體感到震驚。

這筆規(guī)模龐大的交易以一種出人意料的方式達成，這讓華爾街行業(yè)的分析師措手不及。

美國銀行在報告中形容這次交易為"重大意外"，指出其價格已達到長和2024財年預(yù)期收益的11至13倍。摩根大通的分析師也表示，這一交易標(biāo)志著長和的"重大戰(zhàn)略轉(zhuǎn)變"，交易完成后，港口部門將僅占長和息稅折舊及攤銷前利潤的1%。

晨星公司的高級股票分析師丹·貝克表示，港口一直是長和業(yè)務(wù)的重要組成部分。港口通常具有較高的盈利能力，進入門檻也較高。一旦擁有一個港口，其他競爭者進入就變得異常困難。

對長和而言，這筆交易帶來的巨額資金不僅為啟動收購提供了"彈藥庫"，還能給股東們帶來一點成就感。

貝克補充道："管理層可能對股價的現(xiàn)狀感到有些沮喪，這也是實現(xiàn)價值的一種方式。"