Harim Group will 'consider' second bid for HMM if sale process resumes

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Harim Group will 'consider' second bid for HMM if sale process resumes

Published: 16 Oct. 2024, 18:44

KIM JU-YEON
kim.juyeon2@joongang.co.kr

Harim Chairman Kim Hong-guk introduces the brand's products at Harim's pop-up store in Seongsu-dong, eastern Seoul, on Wednesday. [NEWS1]

Harim Group's chairman said Wednesday that he would consider acquiring HMM, the nation's top container shipper, if it were put up for sale again.

A Harim-led consortium was selected as the preferred bidder to acquire HMM late last year, but talks with the shipper's main creditor, the state-run Korea Development Bank (KDB), eventually broke down in February after the two sides failed to resolve some differences.

At a news conference following his visit to Harim's pop-up event in Seongsu-dong, eastern Seoul, Harim Group Chairman Kim Hong-kuk told reporters that he would “review” the prospect of an acquisition were HMM to seek a buyer a second time.

When asked whether Harim still intends to acquire HMM, Kim replied that such a scenario would depend on the government's “sincerity” about the potential sale.

“I cannot trust the [Ministry of Oceans and Fisheries'] stance that they are looking for a private owner. If that was true, the transaction should've went through last time,” he reportedly said.

In March, Minister of Oceans and Fisheries Kang Do-hyung said his ministry has been in discussions with relevant authorities regarding restarting the sale process for HMM.

KDB Chief Kang Seog-hoon, meanwhile, said in June that the KDB had no current plan to resume the bidding process to sell the 57.9 percent stake of HMM held by the KDB and the Korean Ocean Business Corporation.

“If the sale [of HMM] begins anew, we will need to come up with a new plan based on various factors including the government’s policy for the shipping industry, but I doubt it will come anytime soon,” Kang said.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]