Harim, Dongwon, and the LX Group have actively joined the acquisition battle for HMM. Hapag- Lloyd, the largest shipping and container transportation company in Germany, is also participating in the preliminary bidding.
According to the investment banking (IB) industry on Aug. 21, Korea Development Bank (KDB) and the selling agent, Samsung Securities, closed the preliminary bidding for HMM the same day. Four companies, including Harim, Dongwon, LX, and Hapag- Lloyd, participated in the preliminary bidding. If this sale process ultimately succeeds, one of these companies will emerge as the new owner of HMM.
Harim has partnered with the private equity fund (PEF) manager JKL to form a consortium and has entered the acquisition battle. Harim Group holds about 1.5 trillion won (US$1.12 billion) in cash and cash equivalents. The shortfall in funds will be raised through acquisition financing, and there are plans to liquidate the logistics center development site in the southern Yangjae neighborhood of Seoul to secure the necessary capital.
Dongwon is structuring a collaboration with Korea Investment Holdings. Korea Investment Holdings is led by Kim Namgoo, the eldest son of Kim Jaechul, founder and the honorary chairman of the Dongwon Group. Dongwon holds approximately 600 billion won in cash and cash equivalents.
LX, which has roughly 2.4 trillion won worth of cash and cash equivalents, the highest amount among the three, is reportedly exploring various options, including collaboration with financial investors (FIs) and acquisition financing.
In terms of total assets, Harim has 17 trillion won, SM 16 trillion won, LX 11 trillion won, and Dongwon 9 trillion won, all of which are smaller in company size compared to HMM with 24 trillion won in assets. In the industry, there are concerns that Harim, Dongwon, and LX Group might each face a significant burden in raising the estimated 6 trillion won in acquisition funds. Given the resistance to selling national carriers overseas, the likelihood of selling to Hapag- Lloyd is also seen as unlikely.
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