Japan Airlines (JAL) has emerged as a new variable in the management control dynamics of Hanjin Group by acquiring a stake in Hanjin KAL, the holding company of Korean Air. With the gap between Cho Won-tae, chairman of Hanjin Group, and the second-largest shareholder, Hoban Group, narrowing to less than 1 percentage point, there is growing interest in whether JAL will exercise its shareholder rights.
According to the airline industry on September 6, JAL entered into a strategic partnership with Korean Air on September 4 and acquired a portion of Hanjin KAL shares. While the specific shareholding percentage and acquisition amount have not been disclosed, it is estimated to be below 5% since no large-scale holding disclosure has been made.
Market analysts suggest that JAL's stake acquisition could signify more than just a simple investment. Currently, Cho and related parties hold 20.57% of Hanjin KAL, while Hoban Group has secured 20.15%, leaving a narrow gap of just 0.42 percentage points.
Cho's side has already secured a global ally in Delta Air Lines, which holds 14.90% of Hanjin KAL and has maintained a long-term strategic partnership with Korean Air, categorizing it as a friendly shareholder. With JAL now participating as a shareholder in Hanjin KAL, analysts believe it could bolster Cho's position in the event of an intensified management control competition.
In contrast, Hoban Group has increased its stake in Hanjin KAL to 20.15% by acquiring an additional 1,132,900 shares through its affiliates in July. Although Hoban Group stated that its purpose for holding the shares was for 'simple investment,' the rapidly decreasing gap with Cho's side has led the market to closely monitor the potential for management control competition.
As Hoban Construction aggressively expands its stake in Hanjin KAL, the company has also initiated measures to respond to the influence of voting rights. Hanjin KAL has amended its articles of incorporation to reduce the board size from 'at least 3 and no more than 11' to 'at least 3 and no more than 9.' This move is seen as a strategy to block Hoban's potential entry into the board and the expansion of its voting rights influence.
* This article has been translated by AI.
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