Hanjin Transportation, the Korean transportation and logistics company, which planned to raise up to $210 million by divesting its stake in Korean Air Lines, pulled the deal on Thursday amid market turmoil.
The timing for the clean-up trade was clearly not ideal. China’s stock markets continue to collapse, with roughly 1,500 companies filing for trading suspension on the Shanghai and Shenzhen exchanges. as Greece edged closer to an exit from the Eurozone.
Korean Air’s own negative market performance it fell 3.7% on July 8 and is down 6.8% year-to-date did not bode well for the block trade.
Korea meanwhile continues to be plagued by...