Will Delta stick to old friend, keep Korean carrier in Cho family's hand?
With Hoban Group’s stake in Hanjin KAL nearly matching that of Hanjin Group Chairman Cho Won-tae and his interested parties, Delta Air Lines and Japan Airlines (JAL) are emerging as potentially crucial allies in maintaining the Cho family's control of Korean Air. As Hoban closes in on Cho’s stake in Hanjin KAL, Korean Air’s controlling shareholder is counting on its old ally, Delta Air Lines, to…
As Hanjin KAL's stake in Hanjin Group edges closer to matching that of its parent company, Cho Won-tae and his allies, Delta Air Lines and Japan Airlines (JAL) are poised to become essential partners in preserving the Cho family's dominance over Korean Air. With Hoban Group inching closer to securing Cho's share in Hanjin KAL, the controlling shareholder of Korean Air is relying on its longtime ally, Delta Air Lines, to maintain its influence.
Currently, Delta holds a 14.9 percent stake in Hanjin KAL, ranking among the largest shareholders and a crucial pillar of Cho's shareholder base. The U.S. carrier's longstanding strategic partnership with Korean Air has earned JAL a reputation for supporting Cho's leadership. As the ownership situation tightens, the backing of Delta could prove increasingly significant.
Currently, Hoban owns 20.15 percent of Hanjin KAL, just 0.42 percentage points below Cho and his related parties. With the Korea Development Bank (KDB) still holding a 10.58 percent stake and yet to make a decision, every major shareholder has become a potential kingmaker in this evolving landscape.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
