2023-12-18 11:23:43
[비즈니스포스트] Harim Group was selected as the preferred bidder to acquire HMM, Korea’s largest container shipping company.
KDB Korea Development Bank and Korea Maritime Promotion Corporation (Haejin Engineering & Construction) announced on the 18th that they selected Pan Ocean and JKL consortium as the preferred negotiating party for the sale of 398.79 million shares (57.9%) of HMM shares held.
▲ Harim Group was selected as the preferred negotiating party for the acquisition of HMM. The photo is of HMM’s container ship. < HMM >
Pan Ocean is a shipping affiliate of Harim Group. In this HMM acquisition consortium, it was in charge of the acquisition of Harim Group.
JKL Partners, a private equity fund (PEF) management company, also participated in this consortium.
The Harim Group consortium is known to have spent approximately 6.4 trillion won as the desired acquisition price in the main bidding held in November. At the time, it was reported that Harim Group submitted a higher acquisition price than Dongwon Group and received a higher score in the quantitative evaluation.
Some analyzes say that the plan to raise funds through the sale of securities, issuance of perpetual bonds, and sale of ships, as well as the fact that it has Pan Ocean, Korea’s No. 1 bulk carrier shipping company, as an affiliate also influenced the selection.
Harim Group is known to have withdrawn all conditions requested from the seller, including a three-year grace period for converting HMM perpetual bonds into stocks.
Korea Development Bank and Haejin Engineering & Construction plan to conclude a stock purchase agreement (SPA) after negotiating detailed contract terms and finalize the transaction in the first half of next year.
Korea Development Bank and Haejin Engineering & Construction were expected to announce the preferred negotiating partner in early December.
However, the process of selecting the preferred bidder was delayed as Dongwon Group claimed that the conditions presented by Harim Group were against fairness and was reportedly considering legal action. Reporter Jo Hye-kyung
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