A mega carrier with 28,000 employees will emerge intact and under one name from the Korean Air Lines purchase of Asiana Airlines, the CEO of the acquirer promised.
A court has rejected a request that would have stopped the Korean Air Lines takeover of Asiana Airlines dead in its tracks.
Hanjin KAL has blasted its largest shareholder for objecting to the acquisition of Asiana Airlines by Korean Air Lines, which is 29.27 percent owned by Hanjin KAL.
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.
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
Korean Air Lines, the country’s largest carrier, will acquire cash-strapped rival Asiana Airlines with the help of the state-run Korea Development Bank (KDB).
The impossible could soon happen, with a Korean Air Lines acquisition of Asiana Airlines reportedly under discussion.