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SM Group, formerly known as Samla Midas Group, is reportedly planning to place a bid to acquire HMM Company Limited, a South Korean container transportation and shipping company. However, the company’s chairman Woo Oh Hyun said that they would only go ahead with the bid if the price was not more than $3.5 billion.
It was reported that if the acquisition does not push through, SM Line Corporation’s parent company, the SM Group, will give up its shipping business. This means that if the company cannot own HMM Co., which is considered the largest container liner in South Korea, it will consider abandoning its shipping operations by selling SM Line.
The Korea Economic Daily reported that SM Group’s chairman Woo revealed they have already formed a special team that will process the company’s potential acquisition of HMM. It was noted that the group has enough money to acquire its rival shipping line.
“SM Group will immediately jump into the race for HMM once its sale is officially announced,” SM Group’s chairman Woo Oh Hyun told The Korea Economic Daily this week in an interview.
“We have raised about 4.5 trillion won, including cash, cashable assets of affiliates, and loans from banks.”
He added, “We believe a reasonable price for HMM is about 4 trillion won and we can even offer up to 4.5 trillion won but if the price goes above that level by even 1 won, we will give it up.”
The chairman said that as long as HMM’s price tag does not exceed $3.5 billion or KRW4.5 trillion, SM Group will place its bid for the sale. Through his statements, he has officially confirmed the recent speculations about its plans to buy its bigger competitor.
As per The Maritime Executive, the rumors about SM Group’s plans to HMM have been going around for more than a year. It already owns five percent shares of HMM, and in July, it bought more, and its total shares rose to 6.5%. With this, it becomes the third largest investor in the shipping line.
Photo by: SM Line Media Gallery
