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© News1 Korean Air and Asiana Airlines, which are national airlines, have completed a “great deal”, but there are still some pending tasks.
First, tripartite alliances like KCGI (Strength Wealth Fund), which are fighting with Hanjin Group chairman Cho Won-tae, strongly opposed the Korean Development Bank’s involvement in raising third-party capital from Hanjin Kal and announced a legal response.
The government and Bank of Korea said there is no artificial restructuring of the workforce, but they have to persuade the union, and the combined review of the Fair Trade Commission on creating a large airline that far exceeds is maintained. 50% of domestic flights.
◇ San-eun, Jo Won-tae’s white knight? … KCGI “Use all legal means to stop”The first step in the integration of Korean Air and Asiana Airlines, the Korean Development Bank’s investment in Hanjin Kal funds, may face difficulties. Saneun invests 800 billion won in Hanjin Knife. Of this, 500 billion won is a paid-in capital increase method assigned to a third party. While Saneun secures a 10.6% stake in Hanjin Kal, Hanjin Kal will serve as a friendly management rights casting boat for President Cho in Hanjin Kal, who is in the midst of a management dispute. As for the current participation rate, the tripartite alliance led by KCGI (strong wealth fund) is 46.71%, and Cho Won-tae, Chairman Hanjin, is 41.4%.
In a statement on the day, KCGI said: “It is fair and reasonable to issue a paid capital increase to all shareholders and assign them to the Korea Development Bank when there is real power.” In response, KCGI will use all means permitted by law to avoid this. “
KCGI’s main argument is that, in light of Hanjin Kal’s bylaws, a paid capital increase for corporate mergers and acquisitions (M&A), such as financing for the acquisition of Asiana Airlines, is not a matter that can be determined. that will be assigned to a third party only by resolution of the board of directors. KCGI has been unable to serve on Hanjin Kal’s board of directors.
As if aware of KCGI’s opposition, KCGI said in an online briefing that “we will not exercise friendly voting rights unilaterally to the current administration” and “we may share views with the trilateral alliance and other shareholders.”
◇ The union of both companies “opposed because the opinion of the workers was excluded” … Saneun · Hanjin “No artificial restructuring”
The key is how to build cooperation while addressing concerns about massive union restructuring. The Korean Development Bank and Korean Air predict that there will be no artificial restructuring considering the number of annual natural downturns, but there is great anxiety among employees.
On the day of the decision to take over, the unions at the two companies said: “We oppose unilateral mergers and acquisitions that exclude workers’ opinions.” The union formed a council of workers and employers and demanded that it be discussed again at the origin.
A Korean Air official said, “Field personnel, such as flight attendants and maintenance, are established as essential personnel, but management and management personnel are somewhat overlapping,” he said. “I will have time to actively communicate with the union.”
In an online briefing that day, the Korea Development Bank said: “The number of overlapping workforces (after integration) is 100 to 600” and “We have received assurance from Hanjin that there is no artificial restructuring. “.
◇ 62.5% of the monopoly of the national market share … The review of the business combination of the Fair Trade Commission must be resolved
The monopoly problem is also a task to be solved. Korean Air and Asiana Airlines’ participation in domestic airlines exceeds half of the combined subsidiaries. At the end of last year, Korean Air’s domestic market share was 22.9% and Asiana Airlines’ 19.3%. In addition, the market share of low cost airlines (LCC) of both companies such as Jin Air, Air Busan and Air Seoul reaches 62.5%.
Accordingly, there are claims that the Fair Trade Commission may express a dissenting opinion on the acquisition in the business combination review, but the Fair Trade Commission does not have a major problem, as it allows business combinations exceptionally even if there are restrictions on competition with companies that cannot be reactivated. Master the perspective of things. Considering the situation of national airlines that have to compete with foreign ones, it is impossible to say that it is a monopoly just because the national market share exceeds 50%.
Even if you cross the FTC threshold, the assessment of foreign competition authorities can be a variable. If Korean Air and Asiana Airlines do not approve a business combination in a foreign country where sales are generated, the merger between the two companies will again fall into the fog.
(Seoul = News 1)
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