Hong Kong's CK Hutchison's Panama business said it will seek arbitration over Maersk's takeover of two strategic ports on the Panama Canal, reported Reuters.

Panama Ports Company (PPC), which is already pursuing arbitration against Panama, said Maersk violated a long term contract by siding with the government to remove PPC from its operations at Balboa port and replace it with a Maersk affiliated operator.

PPC said in a statement that Maersk undermined the agreement and aligned itself with the Republic of Panama in a state led campaign against PPC, resulting in a takeover that installed new port operators.