South Korea’s Harim preferred buyer of shipper HMM for 6.4 trillion won: sources

HARIM Holdings on Tuesday (Dec 19) said it has been chosen as the preferred bidder to buy control of South Korea’s biggest container shipper HMM, in what sources with knowledge of the matter said was a 6.4 trillion won (S$6.55 billion) deal. Harim and HMM creditors Korea Development Bank and Korea Ocean Business will negotiate a final deal by the first half of 2024 for 58 per cent of the shipper, said the sources, declining to be identified as they were not authorised to discuss terms. Harim entered bidding via a consortium led by its bulk shipping unit Pan Ocean. It said having Pan Ocean and HMM in the same group will enable them to better navigate any downturn in the global market by being responsive to supply-and-demand and price fluctuation. Shares in Harim jumped 6.1 per cent after the news in morning trade, versus a 0.1 per cent decline in the benchmark index. REUTERS