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.
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.
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