Le 18/11/2020 11:08 | Par Heguy Jean-Baptiste
Korean Air and Hanjin Group to get their hands on Asiana
Supported by its parent company Hanjin Group, Korean Air plans to buy out its competitor for nearly 1.4 billion euros.
Consolidation following the air transport crisis linked to the Covid-19 pandemic is underway. The news came from Korea that Korean Air and Hanjin KAL Group, its parent company, had decided to buy out its competitor Asiana Airlines at a board meeting on 16 November 2020. Korean Air plans to acquire Asiana for 1.8 trillion won, or nearly 1.4 billion euros. In order to secure this amount, Korean Air plans to increase its capital by 1.9 billion euros by issuing new shares.