A fifth Korean company has emerged as a suitor in the takeover of HMM, the country’s flagship carrier.
State-backed creditors have given a deadline of August 21 for bids to be placed for HMM with a view to completing the privatisation of the line by the end of the year.
Splash has already reported on Harim Group, which runs Pan Ocean, and SM Group, which runs SM Line, as bidders as well as LX Group, a logistics subsidiary of electrics giant LG, and Dongwon Group, which is involved in fishing and logistics. In addition, Global Sae-A, an apparel manufacturing giant, is reportedly showing interest in the acquisition by teaming up with IMM Private Equity in a joint bid. IMM already owns Hyundai LNG Shipping, which was sold by HMM for $375m nine years ago.
HMM has been under state control since 2016 when it ran into extreme financial difficulties at the same time as Hanjin Shipping with the latter going bankrupt.
HMM is one of a host of Korean shipowners who have been put for sale this year.