The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Royal palaces in Seoul offer free access during Chuseok holiday

  • 3

    Travis King in US custody after expulsion by N. Korea: Washington officials

  • 5

    Koreans adapt to soaring food prices

  • 7

    American soldier who crossed into North Korea arrives back in the US, video appears to show

  • 9

    BTS' Jungkook to drop 2nd solo single

  • 11

    Korea wins gold in League of Legends competition; Faker tops podium

  • 13

    Over 2,200 aging applicants for reunions of separated families died this year: gov't data

  • 15

    N. Korea stipulates nuclear force-building policy in constitution

  • 17

    Korea claims third consecutive gold in men's team sabre fencing

  • 19

    S. Korea elected as IAEA board member for 2023-25

  • 2

    INTERVIEWRisk-averse culture is forcing daring creators to flee showbiz

  • 4

    Korean Baek In-chul wins stunning swimming gold

  • 6

    Education ministry prohibits parents from recording classes

  • 8

    Drug offenders using dark web increasing rapidly: report

  • 10

    Blinken to release Chuseok message for S. Koreans for 3rd year

  • 12

    BOK likely to stand pat again next month on Fed's rate freeze, slowdown

  • 14

    1st gold in Hangzhou leaves N. Korean shooters in tears

  • 16

    Daejeon hosts 14th int'l play festival

  • 18

    China launches first cross-sea bullet train line near Taiwan Strait

  • 20

    Kim Woo-min snatches gold in freestyle swimming

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sat, September 30, 2023 | 15:21
Markets
Investment banks compete for HMM sale advisory roles
Posted : 2023-03-22 16:12
Updated : 2023-03-23 08:20
Anna J. Park
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
An HMM container ship / Courtesy of HMM
An HMM container ship / Courtesy of HMM

KDB and KOBC to select advisory firms shortly

By Anna J. Park

Major investment banks, accounting firms and law firms are competing to win advisory roles for an upcoming sale deal of HMM, a global shipping logistics company of which the controlling stake is currently held by Korea Development Bank (KDB) and Korea Ocean Business Corporation (KOBC).

Aiming to sell the lucrative logistics company that the state-run companies acquired during a liquidity crisis in 2016, KDB and KOBC initiated the process early this month to select three advisory firms to handle financial, legal and accounting roles.

According to industry sources Wednesday, a few global investment banks, including JPMorgan, Merrill Lynch, UBS, Morgan Stanley and Citigroup Global Markets, as well as various local banks including Mirae Asset, KB Securities, Samsung Securities and NH Investment & Securities, participated in the bidding to be appointed as the financial advisory for the major deal. The deadline for submitting bidding proposals was Tuesday.

KDB requires its financial advisory firms to have a successful history in advising M&A deals over 300 billion won ($229 million) that were closed after Jan. 1, 2020. As such, global investment banks are expected to be more competitive in bidding.

But given the likelihood that state-run banks may choose a Korean business as the future buyer of HMM, considering the firm's huge presence in the national economy, local investment banks are also expected to be strong contenders for the advisory roles. The government has been hinting that it aims to sell HMM to a local company.

Regarding legal advisory, Bae, Kim and Lee (BKL), Yoon & Yang, Lee & Ko and Shin & Kim joined the bidding, while all big four accounting firms ― Samil PwC, Samjong KPMG, EY Korea and Deloitte Anjin ― also participated for accounting advisory.

An official from KDB said that the state-run lender, along with KOBC, has begun examining the firms' submissions.

"Once we thoroughly examine the proposals submitted during the bidding process, KDB and KOBC will jointly select three advisory firms, one for financial, one for legal and one for accounting advisory, in the near future," the official told The Korea Times, Wednesday. "The rough timeline for HMM's sale will also be examined and decided after advisory firms are selected."

KDB and KOBC hold 20.69 percent and 19.96 percent stakes in HMM, respectively. Their combined market value exceeds 4 trillion won. If the perpetual bonds held by the two state-run companies ― which can be converted to stocks later ― come out in the sale, the entire transactional amount for the acquisition deal is expected to reach 7 trillion won.


Emailannajpark@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
wooribank
LG
Top 10 Stories
1Guide to Chuseok celebrations across Korea Guide to Chuseok celebrations across Korea
2Chuseok exodus begins ahead of extended 6-day holiday Chuseok exodus begins ahead of extended 6-day holiday
3Korea sees record-low births in July Korea sees record-low births in July
4Hyundai E&C to build upmarket apartment complex in Seoul's Gwanak District Hyundai E&C to build upmarket apartment complex in Seoul's Gwanak District
5Political battle intensifies after court rejects Lee's arrest warrant Political battle intensifies after court rejects Lee's arrest warrant
6Korea on track to prove esports prowess at Asian Games Korea on track to prove esports prowess at Asian Games
7[INTERVIEW] Risk-averse culture is forcing daring creators to flee showbiz INTERVIEWRisk-averse culture is forcing daring creators to flee showbiz
8Lotte focuses on health care, mobility to spur growth Lotte focuses on health care, mobility to spur growth
9DMZ Open Int'l Music Festival to be held in Goyang in November DMZ Open Int'l Music Festival to be held in Goyang in November
10Two Koreas trade barbs over nuclear war Two Koreas trade barbs over nuclear war
Top 5 Entertainment News
1Trailblazing nonagenarian artist honored for redefining Korean fiber art Trailblazing nonagenarian artist honored for redefining Korean fiber art
2[INTERVIEW] 'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director INTERVIEW'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director
3[INTERVIEW] With '30 Days,' Kang Ha-neul finds new level of comfort in acting INTERVIEWWith '30 Days,' Kang Ha-neul finds new level of comfort in acting
4Rwandan artists bring diversity to Seoul's art scene Rwandan artists bring diversity to Seoul's art scene
5[INTERVIEW] ONEUS returns as 'mermaid prince' INTERVIEWONEUS returns as 'mermaid prince'
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group