Lee Dong-geol - Chung Mong-gyu Meeting "Discussing All Possibilities... Awaiting Hyeonsan's Response" (Summary)

Chairman Dong-geol Lee of Korea Development Bank and Chairman Mong-gyu Chung of HDC Hyundai Development Company Hold Third Meeting on the 26th

[Asia Economy Reporter Kangwook Jo] Lee Dong-geol, Chairman of the Korea Development Bank (KDB), met with Chung Mong-gyu, Chairman of HDC Hyundai Development Company, on the 26th to discuss the acquisition conditions of Asiana Airlines.

KDB stated that on this day, Chairman Lee and Chairman Chung met and discussed all possibilities regarding the acquisition conditions with HDC Hyundai Development Company to ensure a smooth conclusion of the Asiana Airlines M&A.

Chairman Lee and Chairman Chung met around 3 p.m. and exchanged opinions for about an hour on the agenda of HDC Hyundai Development Company's proposed acquisition of Asiana Airlines. This was the third time the two chairmen met to discuss the Asiana Airlines acquisition issue.

At the meeting, Chairman Lee reportedly requested Chairman Chung to disclose specific details of the acquisition conditions desired by HDC Hyundai Development Company. It was conveyed that Chairman Lee expressed willingness to negotiate with all possibilities open regarding any acquisition conditions proposed by HDC Hyundai Development Company.

However, it is understood that only opinions on the possibility of future negotiations were exchanged, and no specific discussions on the conditions each party wanted took place. Initially, capital expansion through additional acquisition of perpetual bonds or additional liquidity supply was mentioned as a 'carrot' prepared by KDB.

Some media outlets reported that Chairman Lee proposed to Chairman Chung a path to acquire Asiana Airlines for about 1.5 trillion KRW, approximately 1 trillion KRW less than the original contract amount, but KDB denied this, stating that only the possibility of negotiations was conveyed.

KDB stated, "Since opinions on the possibility of negotiations were conveyed, we will wait for HDC Hyundai Development Company's response," adding, "The subsequent schedule will be carried out in consultation with the selling parties, including Kumho Industrial, depending on the response."

This content was produced with the assistance of AI translation services.