Deals
Korean Lender to Back Hyundai Merchant in Hanjin Assets Takeover
- Hyundai Merchant has said it could consider buying some ships
- Korea Development Bank is Hyundai Merchant’s top shareholder
Hyundai Merchant Marine Helps With Hanjin Pile-Up
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State-owned Korea Development Bank, the main lender to the troubled Hanjin Shipping Co., said it would “actively support” any efforts by Hyundai Merchant Marine Co. should it decide to purchase some of its bigger rival’s assets.
Hyundai Merchant, whose biggest shareholder is KDB, could consider taking over some of Hanjin’s vessels, workers and other holdings if that helps it remain competitive, Baek In Gyun, a Seoul-based general manager at the bank said in an interview. A decision may not be coming soon as a court is still hearing Hanjin’s application for bankruptcy protection, he said.