SK, Possible candidate for the acquisition of Asiana … Hanwha and CJ are at the heart of synergies in the fields of aviation and logistics

◆ Asiana Airlines finally sold

When the Kumho Asiana group decided to sell Asiana Airlines, it is not only the airline industry, but also the business community that is becoming the new owners. The rare value of being able to secure a national airline for the first time in more than 30 years is a sell-out for everyone, but huge acquisition costs and future operating funds are needed. This is the reason why large companies in the top 10 financial circles, which can mobilize significant funds, are likely to put pressure on their candidates.

According to investment and investment banks on Jan. 15, Asiana Airlines is expected to purchase up to W 2 trillion (US $ 2 trillion) of its shares as a result of selling its stake in affiliates.

"If low-cost airlines such as Air Seoul and Air Busan cost ransom, they can raise the sales price higher than expected," said a finance official. "In some big companies, 2 trillion won are placed in the last line, I know you're in a hurry."

Asiana Airlines is currently a subsidiary of Air Busan (44.17%), Asiana IDT (76.25%), Asiana Airport (100%), Asiana Saver ( 80%), from Asiana Development (100% I left.

Large companies with financing power and positive synergy effects following the acquisition of Asiana Airlines are in the spotlight, as the burden of acquisitions should be heavy. Currently, SK Group and Hanwha Group are on the list of potential candidates, including Aekyung Group, owner of Jeju Air, and Lotte, which operates duty-free shops, while Hotel Shilla, Shinsegae Group and the emerging logistics company . .

Until now, companies have denied being "unfounded" and "not having projects". However, in the business world, many of these companies are seriously considering the acquisition of Asiana Airlines internally. The SK Group is one of the best candidates to bring Asiana Airlines to the present, thanks to its wealth of financial resources. At the end of 2011, the cash-based badets of SK Holdings (including short-term financial instruments) amounted to 11.1 trillion won. SK Innovation and SK Telecom, the so-called cash casinos, have placed new orders worth W4trn in 2016 to W4trn in two years.

In addition to merger and acquisition (M & A) capacity, synergies with existing subsidiaries are also abundant. In the airline industry, sales and profits will decline as oil prices rise. SK Innovation, a refining company, should complement each other as oil prices are expected to rise. It is also advantageous for SK Hynix to guarantee a stable supply of air cargo, such as semiconductors. In addition, it was badyzed that various synergy projects, such as the benefit of discounts on Asiana tickets through SK Telecom subscribers, were possible when the mileage of Asiana Airlines was linked. The short-term performance of the group is expected to increase as the launch of new tourism products related to the Walkerhill Hotel managed by SK Networks is possible. In addition, last year, Jeonju, South Jeolla, former CEO of Jeju, SuPeX, seeking to occupy the position of Vice President of Global Business Development and Vice President of SK Aerospace, has ceased d & # 39; increase.

An industry observer said: "Asiana Airlines is not only rich in cash, but also in synergy with affiliates of the group, he said.The relationship with the government is important because of the nature of the airline industry. , which is highly regulated.I have denied the possibility of an M & A from Asiana Airlines, but that's why I'm talking about it. "If the SK group acquires Asiana Airlines, it should win an exciting battle with Korean Air, Korea's leading national carrier.

The Hanwha group also cautiously emphasizes that there is a candidate for such a candidate. As a result, SK's synergies with its subsidiaries (Hanwha Aerospace), which produce aircraft engine parts, are also important. The duty-free shop of Asiana Airlines said that there was still a lot to be done to expand the existing business of the Hanhwa duty-free shop. In addition, Hanwha Group invested KRW 16 billion in LCC Air Lines KK last year to apply for a license in the air transport sector, and also received a refund. At the end of last year, Hanwha, the holding company, had a cash badet of nearly 3 trillion won.

CJ is one of the candidates for significant financial resources after SK and Hanhwa. CJ Group is expanding its logistics activities, led by CJ Korea Express, and can expand its business in the airline logistics sector by acquiring Asiana Airlines. CJ will purchase Korea Express from Kumho Industrial in 2012 and there is a relationship between the two groups. In particular, we plan to sell CJ HelloVision's stake in LG Uplus for 800 billion won and we expect significant cash inflows in the future. At the end of last year, cash holdings amounted to 1.6366 trillion won.

The group Aekyung and Shinsegae are driven to defeat other candidates because of their financial strength. AK Holdings, Aekyung Group's holding company, has $ 511.4 billion in cash. However, the market finds that liquidity is steadily increasing due to the good performance of subsidiaries. LCC Jeju Air has the advantage of having know-how in the air transport sector. If Asiana Airlines acquires Asiana Airlines, it can become a major airline (FSC).

An industry observer said: "The synergies can be the most advanced, and the lack of funds will be solved by attracting financial investors such as private equity funds."

Shinsegae has done a lot of work in the aviation sector. Shinsegae considered the acquisition of Kumho Industrial in 2015 during its sale and abandoned it until the end of its attempt to acquire Tiwai Airlines in 2017 for 200 billion won.

Lotte Group and Hotel Shilla are both candidates for the acquisition of Asiana Airlines, with the synergy effect of hotels and duty-free shops.

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