Is LX International preparing to buy HMM?
Published date | 09 March 2023 |
Publication title | The Korea Times |
LX International's plan to increase its authorized shares has been viewed as a preparatory step to acquire the nation's leading shipping company, HMM, from the government by utilizing the money the trading firm will raise through the issuance of new shares, according to industry officials, Thursday.
Such speculation resulted mainly from LX Group's aggressive acquisition deals after its spin-off from LG Group, as well as possible synergy effects it can create through the acquisition.
Earlier this month, LX International sent a letter to its shareholders to ask them to grant approval at their general meeting later this month for the modification of articles of association, aimed at increasing the company's authorized shares to 160 million from 80 million. This is the first time since 1999 that the company has raised its authorized shares.
The decision came as the state-run Korea Development Bank (KDB) and the Korea Ocean Business Corp. (KOBC), which is under the supervision of the Ministry of Oceans and Fisheries, began moves to privatize HMM. Last week, the state institutions confirmed that they started looking for advisory firms for their planned sale of the shipping company.
An LX International spokesman did not confirm nor deny the speculation that the company seeks to acquire...
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