Friendly economy, reporter Kwon Ae-ri is with you.
Reporter Kwon, today (1st), there is an important court decision to decide whether to integrate Korean Air and Asiana?
As planned by the Korea Development Bank and Hanjin Group chairman Won-tae Cho, will the process of Korean Air's acquisition of Asiana Airlines be able to proceed smoothly, or will the takeover be canceled due to a brake in the first stage? I can see it.
Why is today the day? It is necessary to briefly look at the integration plan of Korean Air and Asiana Airlines. is.
The de facto reason for the failure was that Asiana Airlines' debt size and management status were more difficult than we judged when the down payment was made.
The Korean Air, which has the same aviation business, was chosen instead by the Korea Development Bank, a state-owned bank that has lent a lot of money to Asiana Airlines.
Korean Air also responds, saying, "Good. We will take over."
However, as the terms of the agreement agreed upon became known to the world, voices of problems began to emerge.
The core of this acquisition plan is that Korea Development Bank will not lend money directly to Korean Air, but will help Korean Air take over Asiana by investing KRW 800 billion in Hanjin Kal, the holding company of Korean Air.
Opposing voices began to come out about it.
That is, the investment of this industrial bank is to be on the side of Chairman Cho Won-tae, who is in the process of disputes over management rights.
Are you having this kind of argument or doubt?
The problem is that Hanjin Kal, which has control over Korean Air, is in dispute over management rights.
Korea Development Bank invests 800 billion won in Hanjin Kal to become a shareholder of Hanjin Kal, and with this money, Hanjin Kal participates in making the 2.5 trillion won necessary for Korean Air to acquire Asiana. It is a plan to become the largest shareholder of Asana Airlines, but at this time, Hanjin Kal's shareholder map has no choice but to change.
Chairman Cho Won-tae, who now has management rights, actually has fewer stakes in Hanjin Kal than the so-called trilateral association.
The older vice president Cho Hyun-ah, the activist fund KCGI, and Bando E&C are the three-party alliances, and their stake in Hanjin Kal is close to 47%.
On the other hand, Chairman Cho Won-tae's share is a little over 41% now.
However, when the Korea Development Bank comes in with the money presented by Hanjin Kal, then the Korea Development Bank will have a stake close to 11% at once, and the stake in the trilateral association will be reduced to 40% and Chairman Cho Won-tae to 33%.
Korea Development Bank will be on the side of Chairman Cho Won-tae, who is pursuing this takeover, so in the end, Chairman Cho will again secure the largest stake in Hanjin Kal while protecting the management rights. It is starting to say that they favored the acquisition of Asiana, which other companies are burdened with.
The three-party coalition, which judged this way, has filed a request for temporary injunction with the court to prevent the takeover process.
To be precise, Hanjin Kal decided to issue a new stock to the Korea Development Bank by the 2nd tomorrow and receive the money from the Korea Development Bank.
The court, of course, knows this schedule.
The court is also in a position to make a decision two days before tomorrow, so a decision must come out today.
If today's court raises the hand of the trilateral union just mentioned, the acquisition plan that Korea Development Bank and Han Jin Kal made will have no choice but to return to the origin.
One part of the court's focus is whether the KDB's takeover plan is really appropriate, and whether there is a better way.
The Trilateral Alliance argues that there are other ways to take over if Korea Development Bank is not really on the side of Chairman Cho. If Chairman Cho is not the only shareholder of Hanjin Kal, is it possible to make this decision excluding other shareholders?
It is argued that Korean Air and Asiana can merge in such a way that the Korea Development Bank, for example, does not become a shareholder of Hanjin Kal, but simply provides a loan.
On the other hand, the Korea Development Bank argues that the Korea Development Bank must own a small stake in Hanjin Kal to monitor the success of the post-acquisition, and Chairman Cho Won-tae even promised to resign if it didn't really make any results.
In addition, they argue that the current acquisition plan is the best way to solve all the problems of subsidiaries by putting money into Hanjin Kal rather than Korean Air.
If the court considers the KDB's position to be valid, Korean Air's acquisition of Asiana Airlines will go beyond the first stage tomorrow, as scheduled.
Today, a big decision will be made to determine the situation, but the industry and the employees of both airlines are all attentive to which hand the court will raise.