Aekyung Group and Hyundai Development Co emerge as front runners in Asiana Airlines bidding war

6 November, 2019

Aekyung Group and Hyundai Development Co are reportedly the front runners to acquire a 31% stake in Asiana Airlines from Kumho Asiana Group (Yonhap, 05-Nov-2019). Aekyung Group expressed confidence in its bid, stating: "There is no precedent in which a company that does not have experience of operating an airline has succeeded in airline acquisition. As Aekyung has JEJU air under its wing, its acquisition of Asiana Airlines is in line with global M&A trends". Credit Suisse will receive final bids from potential investors by 15:00 local time on 07-Nov-2019.