Stake in HMM up for grabs
The bidding process for South Korea's key global container carrier, HMM, is drawing to a close. The majority stake is held by state policy bank KDB and Korea Ocean Business Corporation after the bankruptcy of Hanjin Shipping in 2017, with around 58% of their 75% ownership being sold now.
Six bidders have emerged: Hapag-Lloyd, SM Group (SM Line), Harim (Pan Ocean shareholder), LX Holdings, Dongwon Group, and Global Sae-A. Though five Korean companies and one international entity are competing for shares, stakeholders prefer a local bidder.
Bidders are contending for the opportunity amid financial limitations. Yet, the substantial estimated share value of over USD 3 billion could impact decisions. Notably, SM Line boosted its stake to 6.66% by acquiring additional HMM shares in July. (pb)