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Sale of Asiana Airlines to be confirmed this week
A deal is finally expected to be signed this week for the sale of Korean carrier Asiana.
Largest shareholder Kumho Asiana Group is selling its 31% stake to a consortium of HDC Hyundai Development Co. and Mirae Asset Daewoo Co.
The consortium was chosen in a bidding contest.
The Hyundai-Mirae consortium will pay KRW320 billion for the stake as part of a KRW2.5 trillion (US$2.1 billion) purchase price for the entire business through the purchase of new shares.
The deal will include Asiana subsidiaries including low cost carriers Air Busan and Air Seoul.
The transaction will reduce Asiana Airlines’ debt ratio.
It owes about KRW2.7 trillion to lenders.
The airline has a fleet of 86 planes operating 74 international and 11 domestic routes.
Asiana recently launched a voluntary retirement scheme for long serving staff to help cut wage costs.
The consortium has pledged no job cuts once the takeover is complete although Unions are sceptical.
They have hinted at the possibility of industrial action if no job security guarantees are forthcoming.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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