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Korea Line owner votes against Hanjin asset purchase

The board of directors at Korea Lines' owner, SM Group, has voted no to the acquisition of Hanjin Shipping's Asia-US network. But the transaction could still be cleared as it is not contingent on shareholders' approval, informs a spokesperson.

Photo: Korea Line

Korea Line's acquisition of Hanjin Shipping's routes from Asia to the US was blocked on Tuesday as the board of directors at owner SM Group voted no to the subsidiary's acquisition of the coveted service network.

Korea Line was tapped as preferred bidder for the network, which was put up for sale following Hanjin Shipping's collapse back in September.

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