Asia/Pacific News
Sale of Korean Container Line HMM Collapses: Report
Wednesday February 7, 2024
Talks over the sale of leading South Korean container line HMM to a local consortium have reportedly collapsed.
Negotiations between the Harum-JKL Partners consortium and Korean state agencies have broken down after several weeks, the Korea Times reported on Wednesday, citing comments from a creditor bank official. The report does not cite a clear reason for the end to negotiations.
The consortium had been selected as the preferred bidder in late December, and negotiations had been expected to conclude by Tuesday.
State agencies the Korea Development Bank and the Korean Ocean Business own a combined 57.9% of HMM.
HMM is the world's eighth-largest container line by capacity.
