路透社这篇写的比较详细。
https://reurl.cc/9XqYDO
Korean Air to spend $1.6 billion to become Asiana Airlines' top shareholder
By Heekyong Yang, Joyce Lee
NOVEMBER 16, 2020 9:39 AM UPDATED 2 HOURS AGO
SEOUL (Reuters) - Korean Air Lines Co Ltd 003490.KS plans to spend 1.8
trillion won ($1.62 billion) to become the top shareholder of indebted Asiana
Airlines Inc 020560.KS, in aviation's first major consolidation since
COVID-19 brought the industry to its knees.
It will also be the biggest shake-up in South Korean air travel since Asiana’
s founding ahead of the 1988 Seoul Olympics, with the airline eventually
integrated into Korean Air to create a national carrier commanding about 60%
of international routes.
Working together is likely to give the pair greater chance of avoiding the
fate of several airlines worldwide, where virus-busting restrictions on
movement and border closures have decimated passenger demand and forced
carriers into bankruptcy.
The deal is also a relief for indebted Asiana which was kept aloft in
September by a cash injection from creditors led by the Korea Development
Bank (KDB), after top shareholder Kumho Industrial Co Ltd 002990.KS pulled
out of a sale.
Korean Air - controlled by Hanjin Kal 180640.KS - said it will buy 1.5
trillion won of new Asiana shares giving it a 63.9% stake, and 300 billion
won worth of Asiana's convertible bonds.
因为锦湖与现代九月份的谈判破局，韩亚航空并未如期得到现金注入。
大韩将用 1.5 兆韩圜购买 63.9% 的韩亚股份及价值 3000 亿的韩亚可转换债券。
“Amid the collapse of the Asiana sales deal as well as the COVID-19
pandemic, KDB has formed a consensus with Hanjin Group to reorganise the
aviation industry and pursue integration,” KDB Chairman Lee Dong-gull said
at a briefing on Monday.
KDB also said it will invest 800 billion won in Hanjin Kal.
韩亚债权银行 KDB 产业银行也将另外投资韩进掌控的大韩航空 8000 亿韩圜。
To fund the Asiana deal, Korean Air said it will issue 2.5 trillion won worth
of shares next year, with buyers including parent Hanjin Kal. It will use
funds left over to pay off debt.
“We expect the transaction and process to be finalised by the second half of
2021,” Asiana Airlines Chief Executive Han Chang-soo said in a letter to
employees on Monday. There will be no “artificial restructuring” after the
transaction, he said.
韩航预计发出 2.5 兆的股票，购买者包括母公司韩进。
韩亚 CEO 星期一已经寄信给员工表示这次合并不会进行重组。
Hanjin Kal’s top shareholder, the Korea Corporate Governance Improvement
Fund (KCGI), has said KDB investment in Hanjin Kal would likely support
Korean Air’s current management. The fund favours replacing family-appointed
executives with outsiders.
大韩最大的股东韩国公司治理改善基金表示产业银行注入新资金进入大韩后也将会持续支
持现在的管理团队。这个基金也比较喜欢将家族指定的管理人改成外面找来的管理人。
On Monday, it said it will use any measure permitted by law to oppose the
plan to buy Asiana using taxpayers’ money, which it said forces investors
and employees to make sacrifices.
这个基金也会再法规允许下拒绝用税务人的纳税金来购买韩亚。
INTEGRATION
Kumho in December agreed to sell its 30.77% Asiana stake for 2.5 trillion won
to Hyundai Development Co 294870.KS and Mirae Asset Daewoo Co Ltd 006800.KS.
It pulled out in September as the COVID-19 outbreak prompted the buyers to
seek better terms.
With Asiana now joining Korean Air, some 800 to 1,000 roles will overlap.
Still, KDB aims to avoid artificial restructuring and ensure job security
through natural annual decline in employee numbers, work involved in
integrating the airlines, and new projects, said KDB Vice President Choi
Dae-hyun.
韩亚并入韩航后约有 800-1000 的工作会重复，但产业银行不打算进行重组。
“For the time being, Korean Air and Asiana will operate as independent
affiliates, but once integrated, Asiana’s brand will be phased out,” a
Korean Air spokeswoman told Reuters.
Combining South Korea’s two biggest carriers would create the world’s 15th
largest airline based on the industry measure of kilometres flown by paying
passengers, according to 2019 data from the International Air Transport
Association. That represents a jump from 28th for Korean Air and 42nd for
Asiana.
大韩发言人表示目前大韩跟韩亚将会继续独立营运，直到完全并入后韩亚品牌将消失。
以 2019 年的资料为基准，大韩将从 #28、韩亚将从 #42 整并变成全球第十五大航空。
KDB also aims to integrate the airlines' budget affiliates Jin Air Co Ltd
272450.KS, Air Busan Co Ltd 298690.KS and Air Seoul, said Choi.
“Consolidation in South Korea makes a lot of sense. Before COVID-19 there
were too many competitors and particularly now,” said Singapore-based
independent aviation analyst Brendan Sobie.
产业银行也预计将从属与它们的低成本航空合并 (三家变一家)，包括真航、釜山航空及
首尔航空 (不过合并成谁没有说)。
Asiana's share price soared as much as 29.8% in Monday trade, while that of
Korean Air rose 15.2% and Hanjin Kal rose 8.2%. The benchmark KOSPI .KS11 was
up 1.9%.
($1 = 1,108.2500 won)