STX Pan Ocean

STX Pan Ocean jumped as much as 13% in Seoul to KRW4620 or $5.28 equivalent on news that Korea’s 2 biggest conglomerates Samsung and Hyundai Motor are seeking to take over the country’s 3rd largest marine transportation firm. Another company expected to join the bid is Hahn & Company, a private equity fund. STX Pan Ocean will soon be up for grabs as its cash-strapped parent STX Group is considering selling controlling stake in the company as part of effort to improve its financial health. But both Samsung and Hyundai Motor have denied the reports, saying that they have yet to make any decision on the takeover of STX Pan Ocean.