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▲ Korean Air and Asiana Airlines aircraft pending at Incheon International Airport.
Yunhap news
There are signs of the birth of an “aviation dinosaur”. This is because the Korean Development Bank is promoting the integration of Korean Air and Asiana Airlines. The appearance of a serious restructuring of the industry in the wake of Corona 19. There are many mountains to overcome. It must overcome the monopoly controversy sparked by the merger of Korea’s first and second largest airlines. Depending on your point of view, it can be considered to grant preferential treatment to the owners of Hanjin Group, including Chairman Cho Won-tae.
According to the airline industry and the financial sector on the 13th, KDB, a creditor of Asiana Airlines, is considering a joint acquisition of Asiana Airlines with Korean Air. Taking over a 30.77% stake in Asiana Airlines with Bank of Korea funds for the Hanjin Kal capital increase is a promising approach. The exact time and method of acquisition will be described next week.
The industry has raised the possibility of a merger between the two companies since it was said that HDC Hyundai Development Company would give up its acquisition of Asiana Airlines. To put Asiana Airlines on the right track, Korean Air, who understands the aviation industry better than anyone else, is seen as the right person. There is a charge at this time, but there is no reason to decline Korean Air. It is an opportunity to grow while absorbing the competitors. Korean Air is reborn as the world’s top 10 airline with assets of 40 trillion won. Amid rising expectations for the development of a COVID-19 vaccine, short-term vaccine shipping and long-term industry could benefit enormously. The mountain is a possible setting at a fraction of the cost.
The prospect is promising, but the reality is not. The biggest problem is also money. As of now, it is difficult to determine how much it will pay, and Korean Air is also in a difficult position to clearly demonstrate its willingness to take over. At this time, Korean Air is also struggling to secure liquidity after Corona 19. It sold the on-board dining division, which is considered cheap, and is in the process of selling the Songhyeon-dong site because it needs additional cash. The application for the infrastructure support fund is also being studied. Asiana Airlines’ debt ratio reached 2291% (last June). True, it’s hard to expect the two companies, barely holding on at the expense of cargo performance and the employees at Corona 19, to merge seamlessly.
Korean Air announced through a public announcement on the 13th that it is under review, but no specific decision has been made.
Not free from the monopoly controversy. When the two companies merge, the participation of national operators exceeds 50%. It is unclear whether it will be approved by the Fair Trade Commission. It can also be spread as a preferential fertilization against chaebol. President Cho currently has an administrative dispute with the ‘Trilateral Alliance’, which is made up of private equity funds KCGI, Bando E&C and Cho Hyun-ah, former vice president of Korean Air. If Saneun, who pays the cost of acquiring Asiana Airlines, emerges as a majority shareholder in Hanjin Kal and becomes a friendly force for President Cho, he may be relatively free from the offensive of the trilateral alliance. This means that President Cho’s dominance can be strengthened by taking advantage of these mergers and acquisitions.
KCGI said in a statement on the 13th: “I have a reasonable doubt that KCGI has devised measures to preserve the current management position while ignoring the rights of other shareholders.” The incorporation of aviation into Hanjin Group could also generate losses for customers, shareholders and creditors ”.
Experts emphasize that it is important that the Korean Development Bank, Korean Air and the Ministry of Land, Infrastructure and Transportation propose reasonable measures that consumers can understand about disputes such as monopolies that may arise after the acquisition. Hwang Yong-sik, a professor of business administration at Sejong University, said: “Saneun cannot shake off the controversy of joining a specific company, but it seems that it has been determined that it will not be possible to have (Asiana Airlines) like Amul. Complex forever. ” Mergers and acquisitions need to proceed while assimilating the workforce restructuring issues that will arise. “
Reporter Oh Kyung-jin [email protected]
