The race to acquire South Korea's state-controlled carrier HMM has resumed, with Dongwon Group signalling renewed interest two years after a failed sale attempt.
The race to acquire South Korea's state-controlled carrier HMM has resumed, with Dongwon Group signalling renewed interest two years after a failed sale attempt. The move has prompted other potential bidders to reassess the company's valuation, reports Singapore's Splash 247.
HMM's valuation has risen to as much as KRW10 trillion (US$6.8 billion). Steelmaker POSCO, HD Hyundai and Hanwha Group are among those said to be reviewing bids following Dongwon's early approach.
HMM, South Korea's largest shipping line, has been under state control since 2016 after severe financial difficulties coincided with the collapse of Hanjin Shipping.
In October, HMM became the eighth member of the "TEU millionaires club," with fleet capacity reaching 1,024,728 TEU. Alphaliner noted the carrier's operated capacity has doubled in five years.
The company announced expansion plans in September 2024, earmarking KRW23.5 trillion to nearly double its container fleet and triple its tanker and dry bulk fleets by 2030.
