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With hindsight, the first little cracks in MSC’s strategy started to show in the aftermath of a tentative $22.8bn enterprise-value deal originally structured in order to take control – with the backing of financial sponsor BlackRock – of CK Hutchison’s global ports portfolio.

That blockbuster transaction, announced a year ago – now on hold; with Panama affairs under the spotlight – is almost certainly not reaching completion as was coveted in the first place.

Mediterranean Shipping Company, the thinking was at the ...

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