Asiana Acquisition Contract D-2... Hyundai Development Company "Let's Have a Meeting Between Representatives"

Hyundai Development Company proposes "Face-to-face Negotiation Between Representatives for Reinspection" to Kumho Industrial

Asiana Airlines, caught in a stalemate between HDC Hyundai Development Company and its creditors that stalled the sale process, held an extraordinary general meeting on the 15th to initiate capital expansion. On this day, Asiana Airlines convened the extraordinary general meeting at its headquarters in Gangseo-gu, Seoul, and approved an amendment to the articles of incorporation to increase the total number of issued shares and the issuance limit of convertible bonds (CB). The photo shows the Asiana Airlines headquarters where the extraordinary general meeting was held. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Han Jinju] Two days before the execution of the Asiana Airlines acquisition contract, HDC Hyundai Development Company has taken a proactive stance, stating that it will engage in face-to-face negotiations with Kumho Industrial.

On the 9th, Hyundai Development Company stated, "Our basic position is that, on the premise that Kumho Industrial acknowledges the necessity and justification for reassessing the acquisition situation, both parties should meet from now on and promptly proceed with consultations on this matter."

They continued, "We propose face-to-face negotiations between the CEOs of both companies for a re-inspection," adding, "To smoothly proceed with the acquisition process in the future, we will accept Kumho Industrial's proposals regarding specific details such as schedule and location for the negotiations as much as possible."

Hyundai Development Company had insisted on a re-inspection before the Asiana Airlines acquisition contract, while Kumho Industrial had urged face-to-face consultations, insisting on contract execution. As the contract execution date of the 11th approaches in two days, Hyundai Development Company accepted the proposal and suggested face-to-face negotiations between the CEOs.

Hyundai Development Company stated, "Since the acquisition by HDC Hyundai Development Company is essential for the normalization of Asiana Airlines and its leap to becoming a global airline, we have requested Kumho Industrial to actively engage in re-inspection consultations for a smooth transaction closure."

They added, "Our intention to conclude the acquisition transaction through efficient and transparent consultations has remained unchanged from the beginning until now," and "We request Kumho Industrial to accept our proposal with a proactive attitude."