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…
Delta Air Lines and Japan Airlines (JAL) may soon become vital allies in securing the Cho family's grip on Korean Air, according to reports. As the Hoban Group's ownership of Hanjin KAL inches closer to matching that of Hanjin Group Chairman Cho Won-tae and his associates, the U.S.-based carrier's stake, currently at 14.9 percent, positions it as a key shareholder in the Cho's shareholder coalition.
This support stems from a longstanding strategic relationship between Delta and Korean Air, with Delta widely regarded as a strong advocate for Cho's leadership. With Hoban now holding 20.15 percent of Hanjin KAL, just 0.42 percentage points shy of the conglomerate's controlling shareholder, the stakes are high. The involvement of Korea Development Bank (KDB), which still owns a 10.58 percent stake in the airline, adds another layer of complexity, as its decision on the matter remains undecided.
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.
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