Maersk May Swallow Hyundai Merchant
Business Korea reports that rumours are now rife in the container business world that Maersk could swoop on Hyundai Merchant Marine and subsume its activities into their own business.
The report says that recent moves by Hyundai Merchant Marine to join the 2M alliance led by Maersk and MSC, it is predicted that the Korean company will be taken over by Maersk 'if it ever gets on its feet again'
Even though it is still a prediction, if the prediction becomes a reality, it is highly likely that the sell-off of Hyundai Merchant Marine will receive strong backlash with a mounting criticism that the government sold a major national flag carrier for a giveaway price.
According to the shipping industry and creditors, a prediction is spreading that Maersk will discuss ways to buy equities in the Korean shipping company with the Korean government and the Korea Development Bank after its normalization.
“If the price is right, there is no reason for not selling Hyundai Merchant Marine to Maersk,” a government official said.
The takeover rumor surfaced as Hyundai Merchant Marine announced that they were negotiating over joining the 2M on June 23.
