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Big stumbling block against KCGI’s “We take priority over wasting the blood tax when pushing for a capital increase”
On the 16th, the government is scheduled to hold a meeting of relevant ministers (Sankyungjang) to strengthen industrial competitiveness and discuss ways to normalize Asiana Airlines.
The meeting includes government ministries such as the Ministry of Strategy and Finance, the Ministry of Land, Infrastructure and Transportation, and the Financial Services Commission, as well as the Korea Development Bank and the Asiana Airlines Export-Import Bank.
Hanjin Group, owner of Korean Air, is expected to take over Asiana Airlines.
When the Korea Development Bank invests funds through a paid-in capital increase method assigned to Hanjin Kal, who sits at the top of Hanjin Group’s governance structure, a plan for Hanjin Kal to buy shares will be discussed. of Asiana Airlines (30.77%) owned by Kumho Industrial as a capital increase. .
It is a structure in which the KDB actually participates in the acquisition as a financial investor.
Since the acquisition of Asiana Airlines by HDC Hyundai Development in September, Asiana Airlines has been under the management system of two state banks, KDB and Mercury.
In the process of contemplating the plan to normalize Asiana Airlines, a plan to deliver Asiana Airlines to Korean Air appears to have emerged as an alternative.
A large amount of blood tax has already been applied to Asiana Airlines and Korean Air.
Asiana Airlines has already spent 3.3 trillion won, which was backed by KDB and Mercury, and recently received an additional 240 billion won from the Basic Industry Stability Fund.
Korean Air also received 1.2 billion won in support of Sang-eun and Mercury in April, and an application for the Basic Industry Stability Fund was also announced.
The acquisition of Asiana Airlines by Korean Air is expected to be officially announced at the government level after the mountain range meeting.
Hanjin Kal, the holding company of Hanjin Group, is also holding a board meeting to discuss the issue of the Asiana Airlines acquisition.
Although the large-scale work to take over Asiana Airlines is expected to be promoted, there are many mountains to overcome in this process.
First, the opposition of KCGI, an activist private equity fund (PEF) facing President Cho Won-tae over the management of Hanjin Group, is against the acquisition of Asiana Airlines is a major obstacle.
KCGI said: “The capital increase of Hanjin Kal, a normal company with a debt ratio of only 108%, has no choice but to be interpreted as a friendly stake in Cho Won-tae and the existing management. Instead of assigning to a third party that wastes money, our shareholders association, the main existing shareholder, will participate first in terms of responsible management ”.
In fact, the plan for KDB to participate in Hanjin Kal’s paid-in capital increase is a management dispute with KCGI, as KCGI expects Korean Air to play a role in normalizing Asiana Airlines. It is a way of being advantageous for
To this end, the Bank of Korea issued a card to support Hanjin Group’s acquisition of Asiana with an additional tax on blood.
The KCGI-Jo Hyeon-ah-Bando Construction Coalition, which owns a 45.2% stake in Hanjin Kal, decided that the plan for KDB to become Hanjin Kal’s third-largest shareholder was to increase the chairman’s influence. Cho Won-tae.
The burden falls on the state bank, Saneun, to have the government intervene in the dispute over the management rights of private companies.
Also, for Korean Air to take over Asiana Airlines, the Fair Trade Commission needs to approve a business combination.
The participation of national operators will exceed half when combined with subsidiaries.
At the end of last year, Korean Air’s domestic market share was 22.9% and Asiana Airlines’ 19.3%.
The market share of low-cost airlines (LCC) of both companies, such as Jin Air, Air Busan and Air Seoul, reaches 62.5%.
It can be judged that there is a risk of limiting competition.
Since the Fair Trade Commission approved the merger between Jeju Air and Eastar Jet, if Asiana Airlines is considered to be a non-renewable company, it may allow a combination with Korean Air.
However, in this case, there will be a controversy over the fact that the KFTC will inject an additional blood tax based on the KFTC standardization to companies that the FTC deems “non-recoverable.”
The reason is that it is not easy to get the union’s cooperation in this, as it seems inevitable that some restructuring methods, such as overlapping routes, as well as putting both companies under one roof, are inevitable.
/ yunhap news
