September 10, 2019 / 12:56 AM / a month ago

Delta Air Lines hikes stake in Hanjin Kal to 9.21%

SEOUL, Sept 10 (Reuters) - Delta Air Lines raised its stake in Korean Air Lines’ parent company Hanjin Kal to 9.21% from 5.13%, giving a boost to the management of South Korea’s top carrier that seeks to thwart a local activist fund’s challenge.

Delta said in June that it plans to increase its equity stake in Hanjin Kal to 10% over time.

If the No.2 U.S. carrier, which has a joint venture with Korean Air Lines, raises its stake to 10% in Hanjin Kal, the airline’s founding family and its allies will have a total stake of 39%, versus the 16% stake held by the local activist fund, Korea Corporate Governance Improvement. (Reporting by Heekyong Yang and Hyunjoo Jin; Editing by Himani Sarkar)

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