S.Korea's Harim says talks over sale of shipper HMM fall through

HMM

07/02/2024 24:48

SEOUL, Feb 7 (Reuters) - Harim Holdings  003380.KQ  said
on Wednesday that talks to take over South Korea's biggest
container shipper HMM  011200.KS  had fallen through, in a deal
that sources said was worth nearly $5 billion.  urn:newsml:reuters.com:*:nL4N3DE03Q
    Harim, chosen as the preferred bidder to buy HMM, has been
negotiating a final deal with HMM creditors to take control of
the shipper for several weeks but they failed to narrow gaps
over rights to manage the shipper, the company said in a
statement.
    Earlier, Harim entered bidding via a consortium led by its
bulk shipping unit Pan Ocean  028670.KS . 
    After news of the faltered talks, shares in HMM slid 4% in
Wednesday morning trade versus the broader market's  .KS11  1%
rise. Pan Ocean shares jumped almost 20%, but Harim fell 4%.
    
    

 (Reporting by Ju-min Park; Editing by Ed Davies)
 ((ju-min.park@thomsonreuters.com; Reuters Messaging:
ju-min.park.thomsonreuters.com@reuters.net))