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[Alpha Biz=(Chicago) Reporter Paul Lee] Dongwon Industrial Co. and Pan Ocean Co., which are seeking to acquire HMM, are on the decline together in the stock market.
According to the Korea Exchange on the 27th, Dongwon Industry is trading at 31,500 won on the stock market, down 3.23% from the previous day. At the same time, Pan Ocean is also forming a trading price at 4,215 won, down 1.52% from the previous day.
Dongwon Industrial challenged the main bid for the HMM, which ended on the 23rd, with its 100% subsidiary, Dongwon ROEX, at the forefront. Harim Holdings also participated in the main bidding by forming a consortium with JKL Partners, a private equity fund (PEF) operator, with Pan Ocean, a bulk carrier subsidiary with a 54.77% stake.
The market estimates that the two companies spent around KRW 6 trillion on HMM bidding. As a result, companies that actually take over are expected to spend large amounts of cash and have to bear considerable interest costs associated with future borrowing, and stock prices are also expected to be affected.
Meanwhile, HMM shares are forming a trading price of 15,840 won, down 3.00% from the previous day. The market capitalization of HMM fell to around 10 trillion won on the same day as it shifted to a downward trend in five trading days.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
