News / HMM sale fails due to differences over management rights

HMM’s sale to the Harim Group-JKL Partners consortium has been called off.

Another round of discussions with the South Korean flagship carrier’s major shareholders, Korea Development Bank and Korea Ocean Business Corp, broke down just after midnight, Seoul time.

After the Harim-JKL consortium was selected as the preferred bidder for the 57.9% stake in HMM held by KDB and KOBC in December, both sides should have agreed the sale details by 23 January.

Initial discussions ...