March 03, 2020 12:52
Property developer HDC Hyundai Development finds itself in a tough spot after signing a deal late last year to acquire Asiana Airlines as the coronavirus scare exacerbates the airline malaise.
HDC in late December signed the deal with Kumho Industrial, Asiana's biggest shareholder, to acquire Asiana for W2.5 trillion. It needs to pay Kumho W322.8 billion to acquire the existing shares at W4,700 per share.
The problem is that the value of Asiana has since plummeted due to the coronavirus epidemic, with its stock falling to barely over W4,000 level.
- Copyright © Chosunilbo & Chosun.com