2023-12-29 10:39:17
Published by Alejandro VillalobosDecember 29, 2023COMPANIESVisits 5
The South Korean food company Harim Group is about to acquire a majority stake in HMM, one of the country’s leading shipping companies. This acquisition, which is expected to reach US$4.9 billion, comes after a long and sometimes tense bidding process.
Harim Group, known for its poultry products and its stake in bulk shipowner Pan Ocean, submitted a slightly higher bid for the stake being sold by the Korea Development Bank (KDB) and the Korea Ocean Business Corporation. (KOBC).
Harim’s acquisition history, including its management of Pan Ocean, was taken into account in the evaluation process, along with its financing plan. The South Korean government is going to sell a 57.9% stake in HMM.
Harim seeks synergies between HMM and Pan Ocean, both in their sales networks and operations. “HMM and Pan Ocean could complete an ideal book of business spanning from container ships to bulk carriers and specialty vessels,” Harim stated.
Closing of the sale is scheduled for the first half of 2024, pending agreement on detailed conditions. With this acquisition, Harim Group consolidates itself as a key player in the South Korean maritime industry.
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