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South Korea: Hanjin-Hyundai merger needs further study, Seoul says

 |  November 9, 2015

South Korea’s Ministry of Oceans and Fisheries has clarified its position with regards to ongoing speculation on a possible merger between Hanjin Shipping and Hyundai Merchant Marine, the country’s two biggest shipping companies.

In a press statement released in response to South Korean newspaper Joong-Ang Daily’s report of a “coerced” merger between Hanjin and HMM, the ministry denied it had told the newspaper that “there is a need to deeply analyze the need to maintain the existence of the two companies”.

“There is a need to maintain the existence of the two companies when considering the impact a merger could have on South Korea’s import and export-oriented economy and global shipping alliances, as well as Busan port’s transshipment competitiveness,” according to the statement, written in Korean.

Full content: Bloomberg

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