When an EgyptAir flight crashed on its way from Paris to Cairo in May 2016, international law designated the Egyptian govt to lead a probe to find out why the jet plunged suddenly into the Mediterranean Sea, killing all 66 people aboard. That investigation was never completed. Instead, Egyptian authorities said a bomb had likely brought down the plane and withheld key evidence from French investigators, citing the secrecy of their counterterrorism inquiry. But 3.5 years later, a French judicial probe has alleged that maintenance and safety lapses by EgyptAir left the plane unsafe to fly in the days before it crashed, according to confidential documents. A leak of oxygen in the cockpit preceded a fire that likely disabled the plane, contradicting Egypt’s claim that a terrorist act brought down the aircraft. <br/>
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A consortium of Hyundai Development Company (HDC) and Mirae Asset Daewoo has agreed to take a 76.5% stake in Asiana Airlines for KRW2.5t (US$2.2b), with Mirae Asset reportedly planning to set up an aircraft leasing company early next year. They signed a share purchase agreement Dec 27 with Kumho Industrial and Asiana to buy Kumho’s entire stake of 31% in the carrier and issue new shares of the airline to beef up its capital base, according to the companies’ announcement. Under the agreement, HDC will acquire 61.5% of Asiana for KRW2.01t, with Mirae Asset taking 15.0% for KRW490t. The acquisition cost is split into KRW2.18t rights offering for Asiana and KRW322.8b for the existing shares owned by Kumho Industrial. <br/>
Aegean is submitting an indicative offer as part of the privatisation plan for fellow Star Alliance operator Croatia Airlines. The Croatian govt stated earlier this year, during events to mark the flag-carrier’s 30th anniversary, that it was launching a strategic partnership process to maintain the airline’s competitiveness. Croatian prime minister Andrej Plenkovic said the strategy aimed to expand the carrier’s network and increase its market share, as well as modernise the fleet. Aegean says it is participating in the non-binding indicative offer stage of the process. It stresses that this stage “does not include any commitments” from the company. “Any material decisions about Aegean’s potential participation, or not, in the next stage will be taken in the following months,” it adds. <br/>