Hyundai Merchant Marine (HMM) might be struggling to stay solvent amid mounting debts and urgent due repayments, but it is still shelling out for expensive third party public relations. Weber Shandwick, one of the world’s leading PR firms, has contacted Splash on behalf of clients HMM to dismiss merger speculation with compatriot line, Hanjin Shipping.
“The merger between HMM and Hanjin Shipping is a half-baked rumor as little synergy effect is expected due to their overlapped business fields,” a spokesperson wrote in an email. “In addition, because both companies are listed in the market and the merger can cause huge losses to stockholders/investors and bring a huge market disruption,” the spokesperson added.
Both Hanjin and South Korea’s minister of oceans and fisheries have also denied the speculation that the two financially struggling lines could join forces.