Korea Development Bank (KDB) has identified Hyundai Motor, steel mill POSCO, logistics group LX Pantos and SM Line as potential buyers for its 20.69% stake in South Korean flagship carrier HMM.
KDB said on 23 November that it has met with representatives of the aforementioned companies to see how its stake in the company can be sold. Meanwhile, Korea Ocean Business Corporation, which owns 19.96% of HMM, is not in a hurry and prefers to gradually offload its stake in the company.
It will be a reunion of sorts if KDB sells its stake to Hyundai Motor, which with HMM, was part of the Hyundai group before splitting off in 2009. Hyundai Motor’s shipping arm, Hyundai Glovis, owns car carriers, bulk carriers and oil tankers, and there are obvious synergies with HMM.
KDB said, “It’s true that we are investigating the market situation, but no specific sale plan has been established at this time. We will set up a specific sale plan in consultation with the government after understanding the market situation.”
