Delta and Korean Air signed a joint venture agreement in March 29, 2017. (Image via Business Traveller)
American Delta Air Lines Invests in Korean Air Parent Seeking Expansion in Asia
Delta Air Lines said on Thursday (6/20) that it has acquired a 4.3% stake in Korean Air’s parent company, Hanjin Kal Corp, as it has been eyeing into the Asian market for expansion. The American airline company who has a joint venture with Korea Air said in a statement that the acquisition demonstrated a commitment to its partner.The joint venture formed since 2017 allows customers to effortlessly access over 80 Asian destinations and 290 in the US, as well as 1,400 codeshare flights and cargo operations integration between Asia and the US.
The move was prompted because Delta sees Incheon International Airport, the hub of Korean Air, as a gateway to step into more destinations across Asia. It also said that once it had received the regulatory approval, the company intends to raise the stake to 10%.
For Korean Air, the stake buy is said to ensure the stability in the company’s management and supports its leadership. Shares of Hanjin Kal Group slumped 8% on Friday following the sudden death of family-run group patriarch Cho Yang-ho in April. Since the death of Mr. Cho, investors expected that it would be a battle to take control of the group between the airline’s founding family and Korean Corporate Governance Improvement (KCGI).
When Delta finally acquired 10% of Hanjin Kal Corp, it would raise the total stake owned by the Cho family and their allies to 39%, versus the 16% stake held by the activist fund KCGI, which make it more impossible for them to control the group.
Korean Air is currently led by Mr. Cho eldest son, Walter Cho, as CEO and chairman.
Source: http://www.ejinsight.com/20190621-delta-buys-stake-in-korean-air-in-bid-to-expand-in-asia/
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