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Korean Air closer to Asiana Airlines control after adding US$2.9 billion to war chest
March 12th 2021
Korean Air (KAL) has completed a 3.3 trillion (US$2.9 billion) capital raising as it works towards a proposed takeover of South Korea's second-largest carrier, Asiana Airlines. Read More » The airline said in a regulatory filing to the Korea Exchange (KRX) yesterday it sold 173.6 million new shares at 19,100 won per share. The sale price was 30.3% below KAL’s closing share price on Wednesday of 27,400 won. The proceeds will fund the takeover of Asiana and pay down debt. KAL is expected to submit its plans for integration of the two airline groups to Asiana's major creditor, the Korea Development Bank (KDB), next week.
