Hyundai Development Company’s Planned Takeover of Asiana Airlines on Brink of Collapse
It looks like the deal to acquire Asiana Airlines may fall through because of the ongoing pandemic:
Hyundai Development Company’s (HDC) planned takeover of Asiana Airlines appears to be on the brink of collapse, following the former’s official request for another round of due diligence on the cash-squeezed air carrier, aviation industry officials and analysts said Monday.
Korea Times
HDC is putting the blame for the delay in negotiations on Kumho Industrial, which had decided to sell its airline unit, claiming that the latter has failed to send formal data related to the carrier’s financial status, despite repeated requests since early April.
This was seen by some industry officials as HDC making excuses in preparation for abandoning its planned acquisition of the indebted carrier, while others speculated that HDC may be moving to reduce the price.
You can read more at the link.
