Dongwon, LX, and HMM (011200) were selected as qualified candidates (short list) in the preliminary bidding for the acquisition, and will begin full-scale due diligence on the 6th. Germany’s Hapag-Lloyd, who jumped into the preliminary bid, was ultimately eliminated.
According to the investment banking (IB) industry on the 4th, Korea Development Bank and Korea Maritime Promotion Corporation notified on the same day that Harim, Dongwon, and LX were selected as shortlists through Samsung Securities (016360), the manager of the HMM sale. Hapak Lloyd, the world’s fifth-largest shipping company, was reported to have offered a higher price than its competitors in the preliminary bidding, but it was excluded from the shortlist due to the need to consider policy situations such as the development of the domestic shipping industry. Previously, the Korea Federation of Maritime Industries and the Busan Port Development Council issued a statement last month and insisted that overseas sales of HMM should not take place for the national economy and security.
The selling side plans to grant due diligence opportunities for the next two months to the three groups selected on the short list. Candidate companies will share their company’s financial status and business details through a virtual data room (VDR) provided by the seller. The sale side plans to proceed with the main bidding within this year after the due diligence of each company is completed.
The IB industry expects the sale price of HMM to be at least 5 trillion won. As a result, it is observed that each group’s ability to mobilize funds will be the key to the takeover.
2023-09-04 07:47:09
#Due #Diligence #6th #Dongwon #Harim #HMM #Acquisition #War #시그널
