By Kwanwoo Jun Pan Ocean's shares surged after a consortium led by its parent ended an otherwise costly bid for ailing container-shipping company HMM. The.
The sale of top container shipper HMM drifted away late Tuesday, as negotiations between two state agencies and a local consortium broke off after weeks of remaining at odds over the terms. The state-run Korea Development Bank and Korean Ocean Business Corp. holding a combined 57.9 percent stake in HMM, had been in talks with a local consortium formed by agri-food giant Harim and private equity firm JKL Partners, to .
HMM s creditors have opted against selling Korea s largest container shipping company to Harim Group, the nation s biggest poultry processing company. The decision amplifies uncertainties surrounding HMM s privatization, particularly in the face of a pessimistic outlook for the logistics industry.