Hapag-Lloyd buying HMM?

HMM’s second-largest shareholder, Korea Ocean Business Corp (KOBC), wants to reduce its shareholding and end its management over the flagship liner operator by 2024.

HMM的第二大股东韩国海洋商业公司（KOBC）希望在2024年前减持股份并终止对这家旗舰邮轮运营商的管理。

And KOBC, a state-supported ship finance institution, wants the state to divest its entire interest in HMM by the end of 2025, disclosed lawmaker Shin Jeong-hoon, a member of the National Assembly’s Agriculture, Forestry, Livestock, Food, Oceans and Fisheries Committee, today.

国会农业、林业、畜牧业、食品、海洋和渔业委员会成员、立法者Shin Jeong-hoon今天透露，国家支持的船舶金融机构KOBC希望国家在2025年底前剥离其在HMM的全部权益。

A KOBC official told The Loadstar: “It is only a matter of time before HMM gets out of state support, but this will have to be a step-by-step process as the amount involved is massive.”

一位KOBC官员告诉The Loadstar：“HMM获得州外支持只是时间问题，但这必须是一个循序渐进的过程，因为涉及的金额巨大。”

There has been much talk about when the South Korean state, which became HMM’s largest shareholder as part of a debt-for-equity swap in 2016, will sell its holdings, as the company made record profits in the last two years amid a rates windfall for the liner industry.

作为2016年债转股的一部分，韩国政府成为HMM的最大股东，人们一直在谈论该公司何时出售其持有的股份，因为该公司在过去两年中获得了创纪录的利润，这是班轮业的一笔意外之财。

Korea Development Bank, KOBC, Korea Credit Guarantee Fund and the National Pension Service hold a combined 52% of HMM, but convertible bonds that mature next year could raise this to 74%, which could pose a challenge for any single party to acquire the company.

韩国开发银行（Korea Development Bank）、韩国商业银行（KOBC）、韩国信贷担保基金（Korea Credit Guarantee Fund）和国家养老服务局（National Pension Service）合计持有HMM 52%的股份，但明年到期的可转换债券可能会将这一比例提高到74%，这可能会对任何一方收购该公司构成挑战。

While KDB chairman Kang Seok-hoon wants the bank to sell its HMM shares at the earliest, oceans and fisheries minister Cho Seung-hwan said recently that the current correction in freight rates called for caution.

虽然韩国开发银行董事长Kang Seok hoon希望该银行尽早出售其HMM股票，但海洋和渔业部长Cho Seung-hwan最近表示，目前运费的调整需要谨慎。

KOBC has been solely managing HMM since the start of the year, having taken over the full function from KDB.

KOBC自年初以来一直单独管理HMM，从KDB手中接管了全部职能。

Recently Hapag-Lloyd, the largest shipping and container transportation company in Germany, is also participating in the preliminary bidding.

最近，德国最大的航运和集装箱运输公司赫伯罗特也在参与初步投标。

Nevertheless, Hapag-Lloyd has the most the sufficient cash resources among the preliminary bidders. While the expected selling price for HMM is around 5 trillion won ($3.9 billion), Hapag-Lloyd boasts liquidity of $10 billion as of the end of June.

尽管如此，赫伯罗特在初步投标人中拥有最充足的现金资源。虽然HMM的预期售价约为5万亿韩元（39亿美元），但截至6月底，赫伯罗特拥有100亿美元的流动性。

Conversely, other Korean contenders like Harim, Dongwon and LX possess cash reserves ranging around 1 trillion won, implying a reliance on external funding. They are currently exploring partnerships with securities firms and financial institutions to secure necessary funding.

相反，其他韩国竞争者，如Harim、Dongwon和LX，拥有约1万亿韩元的现金储备，这意味着对外部资金的依赖。他们目前正在探索与证券公司和金融机构建立伙伴关系，以获得必要的资金。

Following news of Hapag-Lloyd's omission, minority HMM shareholders who were preparing statements in favor of Hapag-Lloyd's acquisition have voiced their disappointment.

在赫伯罗特被遗漏的消息传出后，HMM的少数股东表达了他们的失望。 

Leaving out the world's fifth-largest shipping company from the shortlist is equivalent to missing the opportunity to recoup trillions of won of public funds and suggests a breach of duty, some minority shareholders say. Despite the potential harm on minority shareholders, KDB has proceeded with converting its perpetual bonds, including convertible bonds (CB) and bond with warrants (BW), into shares upon completion of the sale of HMM. Given the same logic, arguments emerged suggesting that Hapag-Lloyd, with its robust financial strength, should also have secured a spot on the shortlist.

一些少数股东表示，将这家世界第五大航运公司排除在候选名单之外，相当于错过了收回数万亿韩元公共资金的机会，并表明其失职。尽管这可能会对少数股东造成伤害，但KDB已在HMM出售完成后，将其永久债券（包括可转换债券（CB）和附认股权证债券（BW））转换为股票。基于同样的逻辑，出现了一些论点，表明拥有强大财务实力的赫伯罗特也应该在候选名单中获得一席之地。

The shortlisted companies will be granted a two-month window for due diligence. After the evaluation period, a preferred bidder will be selected by November, eventually culminating in the signing of stock purchase agreements (SPAs), and concluding the entire selling process by year-end.

入围公司将获得两个月的尽职调查窗口期。评估期结束后，将在11月前选出首选投标人，最终签署股票购买协议，并在年底前完成整个销售过程。

Information collected from Korea JoongAng Daily; THE LOAD STAR & The Medi Telegraph, does not represent the views of this account. If copyright is involved, please contact us to delete it

资料收集自《韩国中央日报》；THE LOAD STAR&THE Medi Telegraph, 不代表本号观点，如涉及版权请联系我们删除