"Let's Make the Final Deal on Asiana"…Chairman Lee Dong-geol Proposes Meeting to Chairman Chung Mong-gyu

"Hyunsan-Kumho Negotiations Smoothly Achieved, Hope for Swift Conclusion of Asiana M&A"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] Lee Dong-geol, president of the Korea Development Bank (KDB), proposed that Chung Mong-gyu, chairman of HDC Hyundai Development Company, meet with the top management of Asiana Airlines as soon as possible to conclude the acquisition and merger (M&A) negotiations for Asiana Airlines.

On the 20th, KDB announced that it proposed a meeting between the top executives to confirm HDC Hyundai Development Company's final intention to acquire Asiana Airlines. Attention is focused on whether the third meeting between Chairman Lee and Chairman Chung, who have previously met twice to discuss the acquisition of Asiana Airlines, will take place.

In proposing the meeting, KDB conveyed its hope that the face-to-face negotiations currently underway between HDC Hyundai Development Company and Kumho Industrial will proceed smoothly and that the Asiana Airlines M&A will be concluded promptly.

As a creditor group, KDB stated that it will do its best if there is a necessary role to play in concluding the acquisition. To this end, KDB proposed a meeting between its president and Chairman Chung Mong-gyu as soon as possible and announced that it intends to resolve uncertainties related to the Asiana Airlines M&A during this meeting.

HDC Hyundai Development Company is requesting a 12-week re-inspection, citing changes in the acquisition environment due to the COVID-19 pandemic, but Kumho Industrial, the seller, and the creditor group are showing reluctance.

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