Korean Air said Thursday that it signed a takeover deal for a 44 percent stake in Czech Airlines, becoming the first Korean air carrier to secure shares in a foreign counterpart.
The Korean flag carrier now has become the second-largest shareholder of the European airliner, next to Czech Aeroholding, the state-controlled parent company of the airline which owns 51.7 percent of shares.
“We expect a synergy effect with the new alliance between the two airlines, which have extensive experience and flight networks in Asia and Europe,” said Cho Yang-ho, chairman of Hanjin Group, which owns Korean Air.
Despite its status as a major shareholder, the Korean company would not seek managerial control of Czech Airlines. The final acquisition price was not revealed.
koreaherald@heraldcorp.com
