Friday, May 14

Hyundai Development says consortium closes $2.2 billion acquisition of Asiana Airlines

FILE PHOTO: A view of the Asiana Airline’s head office in Seoul August 8, 2013. REUTERS/Kim Hong-Ji

SEOUL (Reuters) – South Korean builder Hyundai Development Co (294870.KS) said on Friday its consortium has closed on its 2.5 trillion won ($2.16 billion) acquisition of a controlling stake in the country’s second-biggest carrier Asiana Airlines Inc (020560.KS).

Hyundai Development said out of the 2.5 trillion won its consortium with Mirae Asset (006800.KS) will pay for the acquisition, its portion was 2.01 trillion won.

The airline’s top shareholder, Kumho Industrial Co Ltd (002990.KS), put its 31.05% stake up for sale earlier this year as it came under pressure from Asiana creditors to reduce debt at the loss-making carrier.

Reporting by Joyce Lee; Editing by Jacqueline Wong

Our Standards:The Thomson Reuters Trust Principles.

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