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.
Korean Air Lines shareholders on Wednesday approved a revision to the company's articles of association to allow for an increase in the number of shares issued, a move necessary for the acquisition of Asiana Airlines.
Labor is skeptical about the no-layoffs promises being made in the complex acquisition of Asiana Airlines by Korean Air Lines, saying that the powers that be need to face reality.
A court has rejected a request that would have stopped the Korean Air Lines takeover of Asiana Airlines dead in its tracks.
Korea Development Bank (KDB) insists that it is not investing in Hanjin KAL to support the interests of Chairman Cho Won-tae, and added that it will take action against those who suggest otherwise.
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.
The impossible could soon happen, with a Korean Air Lines acquisition of Asiana Airlines reportedly under discussion.
Jin Air is issuing 109.2 billion won ($91.96 million) of new shares following a board vote in favor of the sale on Wednesday.
Hanjin KAL announced Thursday it will invest up to 300 billion won ($244 million) to purchase a portion of the 1 trillion won in new stock Korean Air Lines will issue later this year