KLC bid may become two-horse race starring SK, CJ

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KLC bid may become two-horse race starring SK, CJ

SK Group and CJ Group are set to clash over acquiring Korea Line Corporation (KLC) as they aim to expand their logistics businesses.

Five companies, including SK and CJ, had filed letters of intent to acquire the shipping company as of Monday, according to KLC, Deloitte Anjin, the accounting company that is overseeing the merger and acquisition, and industry insiders.

The other three bidders are Dong-A Tanker, a local shipping company, Han & Company, a private equity firm, and Zenith Partners, a shipping finance service provider.

In terms of operating fleet size, KLC is the No. 4 marine shipping company in Korea after Hanjin Shipping, Hyundai Merchant Marine and STX Pan Ocean. It is second-largest behind STX Pan Ocean in terms of bulk-liner service.

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