Delta buys stake in Korean Air
Delta Air Lines has expanded 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.
Delta chief Ed Bastion said: "This is already one of our fastest integrating and most successful partnerships and experience tells us this will further strengthen our relationship," said
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