[Market Focus] HMM Rises on Reports of POSCO Acquisition Review

HMM shares surged in early trading on September 5 following news that the POSCO Group is considering acquiring the company.

As of 9:08 a.m. on this day, HMM's stock price on the Korea Exchange was up 5.33% from the previous trading day, reaching 23,700 won. The opening price was 24,100 won.

According to industry sources, POSCO Group has formed an advisory group by signing contracts with Samil PwC and Boston Consulting Group to review the acquisition of HMM. One of the options being discussed is for POSCO Group to purchase approximately 30% of HMM shares currently held by Korea Development Bank and become the largest shareholder. The market estimates the value of Korea Development Bank's stake in HMM to be around 7 trillion won.

This acquisition review is reportedly being pursued as POSCO Group seeks to discover new business opportunities, amid sluggish performance in its core businesses such as steel and secondary battery materials. The move is also expected to create synergy with existing businesses by reducing logistics costs for materials like iron ore.