Korea Line Corporation (KOSE:A005880) won the bid to acquire part of container business of Hanjin Shipping Co., Ltd. (KOSE:A117930) on November 14, 2016. Korea Line Corporation signed an agreement for KRW 37 billion on November 21, 2016. The business to be transferred includes Pacific route shipping and related business and operational customer management information and 7 countries located subsidiaries as well as logistics operation system and so on. Korea Line paid KRW 500 million as bid security, KRW 3.7 billion as deposit and balance KRW 33.3 billion will be paid within January 5, 2017. As on January 3, 2017 the deal terms were revised, SM Line Corporation signed an agreement to acquire container business from Hanjin Shipping Co., Ltd. for KRW 27.6 billion. Under the new terms, Hanjin Shipping Co., Ltd will sell pacific route shipping and related business and operational customer management information and subsidiaries located in Hong Kong as well as assets and manpower related to logistics operation system. Korea Line will use the available funds and borrow the available funds of SM Group’s affiliated companies. A special general meeting of the shareholders of Korea Line will be held on January 3, 2017. The deal was disapproved by the shareholders of Korea Line on January 3, 2017. The transaction is approved by bankruptcy court. The transaction is expected to close on January 5, 2017. Korea Line Corporation (KOSE:A005880) cancelled the acquisition of part of container business of Hanjin Shipping Co., Ltd. (KOSE:A117930) on November 14, 2017.