South Korea shipper HMM draws two bidders in sale of majority stake

SEOUL (Reuters) – Two South Korean companies entered bids to acquire a majority stake in South Korea’s largest container shipper, HMM Co Ltd, Yonhap news agency reported on Thursday, with analysts estimating the deal could be worth up to $6.2 billion.

HMM’s creditors, including state-run Korea Development Bank and Korea Ocean Business Corp, have put up for sale a stake of about 58% in the shipper.

Analysts have said the deal could be worth 6 trillion to 8 trillion won ($4.6-6.2 billion).

South Korea’s Dongwon Group, a seafood producer, and poultry producer Harim Group entered bids by Thursday’s deadline, Yonhap reported, citing creditor and investment banking sources.

Korea Development Bank declined comment. Spokespeople at Dongwon and Harim could not immediately be reached.

($1 = 1,294.3500 won)

(Reporting by Joyce Lee; Editing by Edmund Klamann)