A HONG KONG-based conglomerate has agreed to sell its controlling stake in a subsidiary that operates ports near the Panama Canal to a consortium including BlackRock.

The deal, struck on Tuesday, would effectively place the ports under the control of the United States after President Donald Trump alleged Chinese interference with operations on the critical shipping lane.

CK Hutchison Holding said it would sell all shares in Hutchison Port Holdings and Hutchison Port Group Holdings to the consortium, in a deal valued at nearly $23 billion (£18bn), including $5bn (around £4bn) in debt.