"K" Line and Hanjin in share swap

Tokyo: Kawasaki Kisen Kaisha ("K" Line) and Hanjin Shipping Co said Wednesday they have agreed to a cross-shareholding arrangement. This is the first case of a leading Japanese shipping company entering such an agreement with an overseas counterpart. Kawasaki Kisen will purchase around 3% of outstanding shares in Hanjin for an estimated 7bn yen or so by year's end. In turn, Hanjin will likely spend roughly the same amount to acquire a 1.5% stake in Kawasaki Kisen. The purchase is expected to take place early next year. Both lines are members of the CKYH alliance.  [08/12/06]