Asiana, ANA deepen partnership

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Asiana, ANA deepen partnership

Asiana Airlines and All Nippon Airlines have reconfirmed their alliance by acquiring an of each other’s shares, announced Kang Joo-an and Mineo Yamamoto, chairmen of the two carriers, yesterday in Seoul.
Alliances are not new in the global aviation industry, but this is the first time two companies will purchase each other’s stock.
The chairmen said each company will each invest $12 million in the other. The actual transaction date isn’t decided yet. Based on the stock prices as of yesterday, ANA will be adding 3.2 million Asiana shares to their portfolio, which would be 0.16 percent of Asiana. The Korean company will be getting 1.3 million ANA shares with the $12 million. Asiana will be ending up owning 0.72 percent of ANA.
The airliners have been partners for more than 17 years. Asiana is the second biggest in the Korean market after Korean Air, and ANA is the second biggest in Japan. Besides cooperating through code sharing, which is common among flight operators, the two have been collaborating in other ways, such as having joint flight attendant training and sharing parts and fuel. ANA played an important role in Asiana becoming a member of the Star Alliance in 2003.


By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]
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