A unit of South Korean poultry firm Harim Group said on Thursday a court chose its parent’s holding company as the preferred bidder to buy bulk shipper Pan Ocean Co Ltd in a deal worth at least 850 billion won ($771 million). Harim Group’s listed unit, Harim Co, disclosed the decision in a regulatory filing. A Harim spokeswoman said local private equity firm JKL Partners will be a partner in the acquisition. Pan Ocean, South Korea’s largest bulk shipper was spun off from now-defunct shipbuilding conglomerate STX Group and entered court receivership in June last year. Harim Group, which supplies animal feed, pork and poultry products, said in a statement earlier this week it had turned in a binding bid for its holding company, Jeil Holdings Co Ltd, to acquire the shipper in order to enter the international grain distribution business. Pan Ocean will issue new shares worth some 850 billion won, of which stock worth 680 billion won which will be acquired by Jeil, Harim said in a regulatory filing. The Korean Economic Daily reported earlier this week that Harim Group and JKL Partners entered a joint bid for Pan Ocean worth around a total 1.05 trillion won. The Harim spokeswoman declined to comment on the bid price.