Maersk Not Interested in Hanjin, Hyundai
There has been reports that Danish conglomerate A.P. Møller-Mærsk A/S , the world’s No. 1 shipping company, could seek to take over Hanjin Shipping Co. and Hyundai Merchant Marine Co.
However, WSJ, quoting sources says that Maersk Line isn’t likely to move to buy either Hyundai or Hanjin contrary to industry speculation that it would take over either one or both of the troubled Korean cargo ship operators.
Instead, the company is likely to wait for other distressed operators to seek buyout deals as they try to avoid bankruptcy, the people said.
Meanwhile, some Korean news reports predict that Maersk may be able to acquire a portion of assets, but it would be difficult to achieve full-blown M&As of the Korean companies
The speculation of Maersk takeover activity has intensified since Maersk announced late last month that it plans to break up the group into transportation and energy units, according to WSJ.
An executive of Maersk Line, the group’s container operator, has said it is on the lookout for acquisitions.
Hanjin’s shares rose more than 40% in the week after the executive said on Sept. 22 that acquisitions would be Maersk Line’s preferred growth option.
“Buying Hanjin or HMM are rumors invented out of thin air,” said one of the people involved in the matter. “Maersk isn’t really interested in the Korean operators.”
