A consortium that includes Hanjin KAL's largest shareholders and controls more that 40 percent of the company has called it a day, the group no longer coordinating to effect a boardroom coup.
Hanjin Group Chairman Cho Won-tae has been reappointed a director of Korean Air Lines despite the disapproval of the National Pension Service (NPS), a major shareholder.
Hanjin Group Chairman Cho Won-tae told Korean Air Lines employees to put their best efforts into the carrier’s acquisition of Asiana Airlines in a message delivered to celebrate the airline’s 52nd anniversary on Tuesday.
Korea’s grand plan for a mega flag carrier is hitting more roadblocks, with regulators frontloading scrutiny and already saying that the proposed entity might run afoul of competition law.
Following a barrage of criticism from lawmakers and shareholders about the acquisition of Asiana Airlines by Korean Air Lines, Hanjin KAL Chairman Cho Won-tae offered only a few clipped and incomplete responses to questions regarding monopoly
The impossible could soon happen, with a Korean Air Lines acquisition of Asiana Airlines reportedly under discussion.