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Poultry processor Harim sole bidder for Pan Ocean

Poultry processor Harim sole bidder for Pan Ocean
South Korean poultry processor Harim Co. is set to become the owner of Pan Ocean as it emerged as the sole bidder for the dry bulk shipowner and operator.

Harim bid KRW1.06trn ($968m) for Pan Ocean Yonhap reported. The company, formerly part of the STX Group, has been undergoing debt rehabilitation proceedings.

Contrary to earlier reports global private equity fund Kohlberg Kravis Roberts (KKR) did not bid and a consortium led by Korea Line Corp., Deutsche Securities Korea and Korea Investment Partners Co dropped out after making a preliminary bid.

In the third quarter Pan Ocean reported a $189m profit.