SEOUL, July 23 (Korea Bizwire) — Debt-ridden Eastar Jet Co. may face bankruptcy after Jeju Air Co. scrapped its plan to acquire the smaller budget carrier amid the new coronavirus’ impact on the airline industry, sources said Thursday. Jeju Air, South Korea’s biggest low-cost carrier, said earlier in the day that it has decided to [...]
SEOUL, June 29 (Korea Bizwire) — Eastar Jet Co. said Monday its founding family members will donate their stake in Eastar in a move to bring Jeju Air Co.’s stalled takeover of the smaller budget carrier back on track amid concerns over potential rupture. Rep. Lee Sang-jik of the ruling Democratic Party, Eastar Jet’s founder, [...]
SEOUL, June 26 (Korea Bizwire) – Jeju Air Co.’s planned takeover of smaller local rival Eastar Jet Co. could be delayed further due to differences over acquisition terms between the two sides amid the new coronavirus outbreak, industry sources said Friday. In March, Jeju Air signed a deal to acquire a controlling 51.17 percent stake [...]
SEOUL, June 22 (Korea Bizwire) — Jeju Air Co., South Korea’s leading low-cost carrier, has been at odds with Eastar Jet Co. over Eastar’s demand for the shouldering of some of its overdue wage payments, industry officials said Monday, a move that could act as a possible deal breaker. The dispute comes seven days before [...]
SEOUL, April 21 (Korea Bizwire) — HDC Hyundai Development Co., a midsized South Korean builder, is unlikely to close a deal soon to buy Asiana Airlines Inc. as planned due to the devastating coronavirus impact on the airline industry, sources said Tuesday. HDC Hyundai Development had planned to complete the overall process to take over [...]
SEOUL, Aug. 19 (Korea Bizwire) — Stock prices of Asiana Airlines Inc., South Korea’s second-biggest airline, jumped 11 percent on Monday following news that a local activist fund is considering taking over the company. Asiana shares soared 26 percent to an intraday high of 6,240 won before closing at 5,500 won. The broader KOSPI gained [...]
SEOUL, Feb. 12 (Korea Bizwire) — Hyundai Heavy Industries Co., the world’s largest shipyard by sales, is set to buy its smaller local rival Daewoo Shipbuilding & Marine Engineering Co., the state-run Korea Development Bank said Tuesday. KDB said Samsung Heavy Industries Co., a major South Korean shipyard, has stated its intention not to join [...]
CALGARY, Alberta, Sept. 24 (Korea Bizwire) — Colson Capital Corp. (“Colson” or the “Corporation”) (TSXV: COLS.P) and Honest Inc., dba Province Brands of Canada (“Province Brands”), are pleased to announce that they have entered into an amended and restated arrangement agreement dated September 17, 2018 (the “Arrangement Agreement”) in respect of their proposed business combination [...]
SEOUL, Apr. 24 (Korea Bizwire) — Cosmecca Korea Co., a local cosmetics maker, said Tuesday it has bought a U.S. original design manufacturer (ODM) in a 57.76 billion won (US$53.7 million) deal as it moves to expand its presence in the global market. The Korean company, listed on the country’s secondary bourse KOSDAQ, said it [...]
SEOUL, Sept. 28 (Korea Bizwire) — LG Electronics Inc. said Thursday the company is undecided over the rumored takeover of Austrian automotive lighting system firm ZKW Group, neither declining or confirming the rumor. “The company has been making various reviews in line with its preparation for future-growth businesses. There are no details on the rumor [...]