WALLENIUS, WILHELMSEN PLAN TO ACQUIRE HYUNDAI’s CAR CARRIER UNIT

WALLENIUS, WILHELMSEN PLAN TO ACQUIRE HYUNDAIÆS CAR CARRIER UNIT    Wallenius Lines AB (Sweden) and Wilh. Wilhelmsen ASA (Norway) said Monday they intend to acquire the car carrier division of Hyundai Merchant Marine.
   The companies signed a memorandum of understanding, which sets out their intentions. Though a formal sale and purchase agreement has yet to be reached, the parties said they are committed to negotiate on an exclusive basis to reach an agreement.
   Hyundai Merchant Marine has a fleet of about 70 Pure Car and Truck Carriers and Pure Car Carriers, and is the leading provider of ocean transport of passenger cars in Korea. The carrier provides transport primarily for Hyundai Motor and Kia Motor from Korea to destinations worldwide.
   Wallenius and Wilhelmsen said they would continue to operate HMM as a separate company with its Korean profile.
   Wilhelmsen and Wallenius established a joint venture company, Wallenius Wilhelmsen Lines, in 1999. The venture operates about 60 specialized roll-on/roll-off and car carriers.