Hot deal: Asiana Airlines flight attendants walking past the company’s check-in counters at Incheon International Airport. Many local conglomerates want to get into the airline business and so there are expectations over a coveted takeover deal, says an analyst. — Bloomberg
SEOUL: The top shareholder of South Korea’s second-largest carrier, Asiana Airlines, says it will sell its entire stake in the debt-ridden firm to keep it afloat, sending shares of the carrier and its budget arm 30% higher.
The move caps weeks of financial uncertainty involving the carrier which started last month when it failed to win auditors’ sign-off on its 2018 financial statements, triggering warnings of credit ratings downgrades and the resignation of the parent group’s chairman.
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