Delta Air Lines buys Korean Air stake
Delta Air Lines has doubled down on its joint venture alliance with Korean Air Lines by purchasing a minority stake in the carrier.
Delta announced it will acquire a 4.3% stake in KAL parent company Hanjin Kal Corp.
Once regulatory approval is granted Delta says it plans to increase its stake to 10% in the future.
If it does that, it would become the third largest shareholder after the ruling Cho family and a Korean activist fund.
Delta and Korean Air are members of the SkyTeam alliance and they launched joint business venture covering US-Asia routes a year ago.
The tie-up covers codesharing and frequent flyer coordination, and has enabled both to launch new routes.
Delta has added new flights to Incheon from Minneapolis and Boston.
"This is already one of our fastest integrating and most successful partnerships and experience tells us this will further strengthen our relationship," said Delta chief Ed Bastion.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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