One of the biggest operators of large bulk carriers in the world will remain in Korean hands with news today that buyers of Polaris Shipping have been confirmed.
Multiple media sources in South Korea are reporting that Woori Private Equity Asset Management Co has been selected as the preferred bidder to take over the shipping line in a deal that also sees HMM, the country’s flagship, and state-run Korea Ocean Business Corporation (KOBC) come onboard as minority investors. The whole deal has been valued at KRW600bn ($447.5m).
Polaris management had been assessing up to 20 takeover bids, having sought out preliminary bids in May and employing Lazard Asset Management to investigate a possible sale.
The company is one of the biggest large bulker operators in the world with a fleet focusing on newcastlemaxes and very large ore carriers.
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Polaris is one of a host of Korean shipowners that have been put up for sale this year, a list which includes HMM, Hyundai LNG Shipping, H-Line Shipping and the tanker division of SK Shipping.