[위클리M&A]The acquisition of Asiana by Hanjin Group … The task to overcome is

[이데일리 조해영 기자] Although Hanjin Group is known to be considering the acquisition of Asiana Airlines, expectations for a “big deal” in the aviation sector are growing, while concerns about uncertain governance and government funding are also emerging.

Korean Air and Asiana Airlines planes standing at the airport booth on the morning of the 13th. (Photos = Yonhap News)

According to industry IB on the 14th, Hanjin Group, which owns Korean Air, is in consultation with the Korea Development Bank to acquire a stake in Asiana. If the deal is successful, a super-large airline will be created that combines number 1 Korean Air in Korea and 2nd place Asiana. Creditors such as the Korea Development Bank have promoted normalization by investing a basic sector stabilization fund after HDC Hyundai Development’s acquisition of Asiana in September was finalized.

According to the industry, the deal should proceed in such a way that Hanjin Kal will proceed with a third-party capital increase with the Korea Development Bank and will buy the Asiana shares currently owned by Kumho Industries based on the funds invested by the Korea Development Bank.

If the deal is successfully promoted, the first and second largest airline in Korea will be merged, making it the 10th largest airline in the world. It is estimated that it can be viewed positively from the point of view of the restructuring of the aviation industry, brought into play due to the prolonged Corona 19.

However, there are many mountains to overcome. Among the tripartite alliances, Hanjin Kal’s largest shareholder, private equity activist fund (PEF) KCGI is in a state of opposition to the news of the Hanjin Group’s acquisition of Asiana. In a statement released on the 13th, KCGI said: “I have reasonable doubt that the Korea Development Bank’s consideration of Asiana Airlines’ acquisition by providing funds to Hanjin Kal is a measure to preserve the management position while ignoring the rights of others. shareholders “. .

They said: “Hanjin Kal can secure more than KRW 1 trillion in financing through the exercise of new share rights and the sale of non-essential assets that have already been issued,” and “The Association of Shareholders is the current largest. Hanjin Kal’s shareholder. We kindly ask for in-depth conversations, including meetings. “

In the industry, concerns about the injection of public blood taxes through the Korea Development Bank could be stifling, while the governance structure is still unclear. An IB industry official pointed out, “I agree with the cause of industrial synergy and the restructuring of the aviation sector, but there may be criticism of taxing people on controversial management rights issues.

It is possible that the Fair Trade Commission opposes the combination of the first and second operators in the air transport sector. If the FTC determines that there is a risk of damaging market restrictions on competition, it can apply a brake through a merger review.

As for the Hanjin Group’s decision to take over Asiana, Korea Development Bank announced on the 12th that it is under review as one of several options, but has not been confirmed.