News / SM Line fuels HMM takeover speculation with increased shareholding

Speculation about SM Line’s potential acquisition of its larger South Korean rival, HMM, intensified after the carrier and its affiliates purchased more HMM shares, raising the group’s stake more than five-fold, to 5.52%.

SM Line is now HMM’s third-largest shareholder, after state-backed financial institutions Korea Development Bank and Korea Ocean Business Corp, which held 20.69% and 19.96%, respectively, as of 31 March.

Yesterday, SM Line, also known as SM Merchant Marine, said it and affiliates had purchased the shares for around $646m, ...