.jpg?resize=520%2C346 "사진/대한항공")
Photo/Korean Air
Korean Air held an extraordinary general meeting of shareholders at the headquarters in Gonghang-dong, Gangseo-gu, Seoul at 9 am on the 6th and passed a change in the articles of association to increase the total number of issued shares from 250 million to 700 million. At the extraordinary shareholders’ meeting that day, 9772,2790 shares, 55.73% of the total number of 175,322,466 shares of Korean Air’s voting rights were in attendance.
The day before the extraordinary shareholders’ meeting, the National Pension Plan, which owns 8.11% of Korean Air’s shares, disapproved of shareholder value damage, but it is interpreted that over 50% of minority shareholders gave the hands of the management.
With the approval of the agenda, Korean Air will pursue a paid-in capital increase to shareholders of 2.5 trillion won, scheduled for mid-March, as planned. The payment date for the capital increase is March 12. Korean Air plans to pay 400 billion won of the paid-in capital increase to Asiana Airlines as an intermediate payment.
Since then, Korean Air will become the largest shareholder with 63.9% of Asiana Airlines’ stake by paying 800 billion won, minus the down payment and intermediate payment, out of Asiana Airlines’ 1.5 trillion won in paid-in capital increase at the end of June.
This seems to have settled the bill to Asiana Airlines to some extent, but other procedures remain. The biggest variable is that the fair trade committee and other domestic and foreign competition authorities must safely pass the business combination review.
The National Assembly Legislative Investigation Office raised concerns about monopoly and urged the Fair Trade Commission to conduct a thorough review of corporate defects between the two companies. The investigator pointed out that there is a risk of distorting the market structure if the exclusion clause is not strictly applied, taking the case of LG Chem and Honam Petrochemical’s merger review in the past.
Korean Air is also completing the establishment of a post-acquisition integration procedure (PMI) that can maximize the synergy effect between the two companies by mid-March. To this end, it is operating a takeover committee composed of groups by sector such as planning, finance, passengers, and cargo. The acquisition committee, consisting of about 50 members, is chaired by Woo Ki-hong, president of Korean Air.
In addition, Korean Air must solve other tasks such as the establishment of manpower management measures for both companies, airline alliance and mileage operation plans, and the launch of an integrated low-cost airline (LCC) after integration.
At a press conference held at the end of last year, Chairman Woo said, “(After the acquisition of Asiana Airlines) there will be a total of 300 billion won in synergy effect per year,” he said. “As soon as possible, the acquisition will be completed within two years.”
Reporter Kwon Anna, [email protected]
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