POSCO Group is reviewing a move to acquire a controlling stake in HMM, according to market disclosures this week. The Korea Exchange asked POSCO Holdings on Sept. 5 to clarify media reports about an HMM bid. “We are evaluating whether an HMM acquisition would generate synergy,” a POSCO official said, adding, “No decision has been made.”
POSCO has assembled advisers — including Samil PwC and Boston Consulting Group — to assess HMM’s business case and potential deal structure. Investment-bank sources cited in those stories describe a scenario in which POSCO would negotiate primarily for the 36.02% block held by state-owned Korea Development Bank (KDB), with joint management alongside the Korea Ocean Business Corporation (KOBC), which owns 35.67%, and KOBC is described as reluctant to sell its stake in the near term. As of April 17, HMM’s official IR page shows KDB at 36.02% and KOBC at 35.67%.
In mid-August, HMM approved a ₩2.14 trillion tender offer and cancellation of treasury shares — a step widely read as easing a future sell-down by the state — and sources put the implied value of KDB’s block “around ₩7 trillion,” depending on timing and market conditions.
POSCO Holdings Co., Ltd. is a publicly listed holding company incorporated in the Republic of Korea that serves as the parent entity of POSCO Group.
HMM Co., Ltd. is a publicly listed South Korean shipping company engaged in container and bulk transport services.