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Hapag-Lloyd excluded from HMM bidding process: reports

Photo: Marcus Hand Name plate at Hapag-Lloyd HQ in Hamburg
German carrier Hapag-Lloyd is reported to have failed to make the cut for the next stage in the sale of the South Korean government’s controlling share in the country’s largest shipping line HMM.

South Korean media is quoting investment banking sources who claim that the state financial institutions, the Korea Development Bank (KDB) and the Korea Ocean Business Corporation (KOBC) will select Dongwon, Harim, and the LX Group to go through to the second stage in the sale process, with a formal announcement expected by tomorrow.

The Korean Economic Digest said that Hapag-Lloyd did not pass the screening process. Hapag-Lloyd has declined to comment on the reports.

Earlier this week the Federation of Korean Maritime Industries and the Busan Port Development Association had warned against including a foreign buyer in the process claiming that such a sale could weaken South Korea’s logistics industry and see capital move out of the country.