SEOUL, Nov 16 (Reuters) - Hanjin Kal 180640.KS, proprietor of Korean Air Traces Co Ltd 003490.KS, i
SEOUL, Nov 16 (Reuters) – Hanjin Kal 180640.KS, proprietor of Korean Air Traces Co Ltd 003490.KS, is probably going to purchase Asiana Airways Inc 020560.KS as Asiana’s state-run creditor Korea Improvement Financial institution (KDB) plans to inject 800 billion gained ($723.55 million) into Hanjin Kal, Yonhap mentioned on Monday.
The acquisition would mix the nation’s two greatest airways, though Hanjin Kal’s largest shareholder – an activist fund – has spoken out in opposition to the thought.
KDB will inject 500 billion gained into Hanjin Kal as a third-party capital enhance, and purchase 300 billion gained price of change bonds, Yonhap information company mentioned, citing unidentified authorities sources.
With KDB injecting funds into Hanjin Kal, the latter is probably going to purchase a 30.77% stake in Asiana Airways owned by Kumho Industrial Co Ltd 002990.KS, Yonhap mentioned.
Hanjin Kal plans to have a board assembly on Monday, a Korean Air spokesperson advised Reuters, with out elaborating.
Korea Improvement Financial institution declined remark to Reuters earlier than a media briefing scheduled for Monday morning.
($1 = 1,105.6600 gained)
(Reporting by Heekyong Yang and Joyce Lee; Modifying by Jacqueline Wong and Christopher Cushing)
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