Korean consortium selected as Asiana Airlines’ preferred bidder

A consortium including Korea’s Hyundai Development Co. has been named as the preferred bidder to take control of Asiana Airlines. Hyundai said the consortium will enter negotiations for a deal to purchase the 31.05% stake in Asiana currently held by Kumho Industrial. The parties did not disclose the purchase price in the filings, but local media report the consortium’s bid is worth about US$2.2b. Kumho is currently the largest stakeholder in the airline. Hyundai Development is a major Korean construction and infrastructure company that is diversifying into areas including resorts, hotels, shopping malls and duty-free sales. Some of these businesses have synergy opportunities with Asiana. The bid consortium also includes Mirae Asset Daewoo Co. <br/>