HMM won’t retry Hyundai LNG bid, says Busan move difficult
HMM CEO Choi Won-hyuk said South Korea’s flagship container carrier will not consider buying back its former liquefied natural gas (LNG) shipping arm, Hyundai LNG Shipping.
The company sold its LNG business, mainly comprising long-term shipping contracts with state-controlled LNG importer Korea Gas Corporation to private equity firm IMM for around US$1 billion in 2014 to raise money.
IMM wants to cash out of Hyundai LNG and an attempt to sell it back to HMM in 2023
collapsed because both sides could not agree on the price. HMM’s bid of US$229 million was below the US$500 million sought by IMM.
The post HMM won’t retry Hyundai LNG bid, says Busan move difficult appeared first on Container News.
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