The company withdrew its bid after local media reported it may propose a joint acquisition of the stake in Hanjin’s terminal to Hyundai Merchant Marine (HMM), MANA correspondent reported.
Hanjin’s 54% stake in terminal operator Total Terminals International (TTI), which operates two facilities in Long Beach and Seattle, is estimated to be worth around KRW 400 billion (USD 342.5 million).
The remaining 46% stake is held by Swiss-based shipping company Mediterranean Shipping Company (MSC).
Last month, Korea Line inked a KRW 37 billion (USD 31.4 million) agreement to purchase the Asia-US route network from Hanjin.
California’s container terminal also attracted the attention of further two shipping giants as MSC and HMM jointly placed a bid for Hanjin’s stake in the terminal in early December.