South Korea: Wallenius Lines and Wilh. Wilhelmsen acquire Hyundai Merchant Marine’s car carrier division for US$1.3 billion
Last Updated: 29 August 2002

The acquisition by Wallenius Lines AB and Wilh. Wilhelmsen ASA of the car carrier division of Hyundai Merchant Marine Co., Ltd., announced earlier this week, is one of the largest acquisitions in Korea in recent years, according to international law firm Freshfields Bruckhaus Deringer which advised Wallenius Lines and Wilh. Wilhelmsen on the transaction.

"Korea continues to be an active market for foreign direct investment and M&A activity, and this is the latest of many Korean transactions on which we have advised over the past several years", said Robert Ashworth, partner, Freshfields Bruckhaus Deringer.

The transaction involves setting up a new company, in which Wallenius Lines and Wilh. Wilhelmsen will own a controlling 80% interest, which will purchase Hyundai Merchant Marine’s car carrier division for the sum of US$1.3 billion. Hyundai Motor Company and Kia Motors Corporation, which will own the other 20% of the new company, have entered into long term contracts pursuant to which the new company, upon its formation, will have exclusive rights to ship their cars for export around the globe. Following the acquisition, Wallenius Lines and Wilh. Wilhelmsen will become the world’s leader in ocean car transportation.

The Freshfields Bruckhaus Deringer team was led by partner, Robert Ashworth and senior associate, Peter H.S. Koh, assisted by associate, Chi Wai Pang. Woo Yun Kang Jeong & Han advised Hyundai Merchant Marine.

ENDS

Notes for Editors

Freshfields Bruckhaus Deringer is a leading international law firm with over 2,400 lawyers and a total of 29 offices in 19 countries. In Asia it has more than 210 lawyers based in eight offices providing clients with a full range of business legal services.

Freshfields Bruckhaus Deringer was awarded the 2001 Chambers Global Award for M&A Law Firm of the Year for South East Asia and topped the Thomson Financial half-year M&A league tables for Asia-Pacific.

Media representatives can register to receive electronic copies of the media releases as they are added to our website by visiting the news section of www.freshfields.com.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Press Releases from this Firm
Recent Content from this Firm
By Energy Group
By Boris Kasolowsky
By Jonathan Rees, Julian Makin, Christopher Pugh, Graham Watson
By Joseph Huse, Helen Cook
By Energy Group
By Tony Foster, Milton Lawson
By Tim Coleman
By Nicholas Bliss, Nils Koffka
By Joseph Huse
Tools
Print
Font Size:
Translation
Channels