A Korean court has begun considering the sale of near-bankrupt Hanjin Shipping while the government has flatly denied rumors that logistics firm Maersk might attempt to take over two Korean shippers, officials said Wednesday.
The Seoul Central District Court said it will review plans with Hanjin officials to sell the ailing company, hinting at the possibility of a merger and acquisition.
There have been growing speculations that the court has already decided to sell the company before its value falls further. The court, however, stressed that no concrete plans have been confirmed.
There has also been a takeover rumor that the world’s largest shipper Maersk Line might look to take over Hanjin Shipping and Hyundai Merchant Marine, with Bloomberg quoting an analysis by investment bank Jefferies International on this. The Seoul government, however, denied the rumor, stressing that such speculation is “unrealistic.”
“Even if Maersk seriously takes over the Korean shipping companies, (the ministry) will review the plan, considering such takeover goes against national interests,” said Oceans and Fisheries Minister Kim Young-seok in a parliamentary audit Tuesday.
Korea Development Bank Chairman Lee Dong-geol also said that the possibility of Maersk acquiring the two shippers is very low even if there is an acquisition attempt.
“There must at least be one national shipping company (in the country),” Lee told the media outlet etoday.
Korea Development Bank, the largest shareholder of Hyundai Merchant Marine, is currently carrying out plans to normalize the company upon setting up a task force team, and having consultations with external agencies.
The long-term plan to boost the company’s competitiveness will be unveiled in November, the company said.
By Lee Hyun-jeong (
rene@heraldcorp.com)
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