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“No artificial restructuring for 51 years” focus on ensuring the justification of the merger
KCGI calls the convening of the shareholders’ meeting.
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In connection with the acquisition of Asiana Airlines on the 20th, Korean Air has taken a step forward to appease Asiana Airlines, saying: “There will be no downsizing or abolition of routes”, and taking a step forward to consolidate the two main airlines . This is mainly because the support of trade unions and public opinion is needed to smoothly promote the acquisition of Asiana Airlines by Hanjin Group, to which Korean Air belongs. However, when the trilateral alliance, which is in dispute with Hanjin Group chairman Cho Won-tae, over Hanjin Group’s management rights, launched a counterattack requesting the convening of an extraordinary shareholders meeting, the integration of the two major airlines put themselves in a “ zero clock ” situation.
On this day, the KCGI of the trilateral association requested Hanjin Kal, the holding company of Hanjin Group, to convene an extraordinary general meeting of shareholders. The agenda of the extraordinary shareholders’ meeting is the appointment of a new director and the amendment of the bylaws. KCGI said: “Through a temporary meeting of shareholders, we will establish a responsible management system by holding the board of directors accountable for making the decision to take over Asiana Airlines and having new directors make up the majority of the board of directors.” . He then argued: “Through a change in the articles of incorporation, we will prepare an institutional mechanism to improve the transparency of the company’s management, including various measures to improve the governance structure that the Korean Development Bank requested from Hanjin Kal.” KCGI’s request to call an extraordinary shareholders’ meeting is analyzed as justification for the ruling on a temporary precautionary measure to suspend the paid-in capital increase assigned to the third party.
This is because the showdown between Han Jin Kal and KCGI is highly likely to hinge on the court’s decision to ditch next week. Korean Air’s acquisition of Asiana Airlines will be canceled if the interim court order to prohibit the issuance of new shares obtained by the trilateral alliance is accepted. On the other hand, if the request for interim injunction is rejected, Hanjin Kal is expected to issue a third-party capital increase to the Korea Development Bank, as scheduled, on the 2nd of next month.
Due to the procedure for calling an extraordinary shareholders meeting, which takes at least 45 days, the call is only possible in January next year, but there is no possibility of winning the vote after the tripartite allocation is completed. Furthermore, if Han Jin-Kal’s board of directors refuses to convene an extraordinary shareholders meeting, the lawsuit will most likely be prolonged, as the court will eventually go to court. An aviation industry official said: “The result of the request for a temporary injunction to stop the capital increase paid by third parties is the most important.” it is unlikely that he will win the confrontation. “
Currently, KCGI and other trilateral alliances have a 46.71% stake in Friendship, and President Cho’s stake in Friendship is 41.4%. After the paid-in capital increase of the tripartite allocation, President Cho’s stake in Friendship increases to 48% and the trilateral association’s stake drops to 40%.
The fact that Korean Air vigorously denied the possibility of the restructuring of Asiana Airlines every day is interpreted as a strategy to appeal the justification of the merger of the two main airlines.
“Korean Air has never undergone artificial restructuring for 51 years,” said Woo Ki-hong, president of Korean Air. “Even in a critical situation, such as the new coronavirus infection (Corona 19), which started in February, no employees were artificially released. I said. He added:” Unions will also know and understand that maintaining this position even if they acquire Asiana Airlines. ” President Woo’s comments reaffirmed President Cho’s comments on the 18th, who denied the reduction in the workforce and said, “We will create an opportunity to be with all employees.” President Woo also explained that since there is no plan for the restructuring of the workforce, the scale of the workforce will be maintained by adjusting the route schedules and launching new routes instead of consolidating routes.
An industry insider said: “The acquisition of Asiana Airlines by Korean Air is controversial, but there is an aspect that it is an inevitable choice for win-win growth in the aviation industry,” said an industry official. said. / Reporters Neung-Hyun Kim and Si-Jin Park [email protected]
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