In today’s briefing:
- Korean Air – Plan B Should Asiana Merger Fail to Gain Approval
Korean Air – Plan B Should Asiana Merger Fail to Gain Approval
- Difficult for merger to receive approval in Europe, US and potentially Japan. But Korean Air financial recovery positions it well for the future.
- Asiana vulnerable given it continues to struggle to make money, while its net debt is higher than 2019 revenues. South Korean precedent of focusing on one national champion in shipping.
- Most M&A destroys value. Strong argument for Korean continuing alone given stronger opportunities should Asiana be forced to retrench/cease ops, while Delta JV developmental potential attractive.
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