South Korea's airline M&As left adrift by the pandemic

The coronavirus pandemic has already derailed one major acquisition in South Korea's airline industry, now a second hangs in the balance. HDC Hyundai Development, a midsize building company spun off from the Hyundai group, has been looking to break into aviation by purchasing Asiana Airlines, the country's second-largest carrier. In late December, HDC Chairman Chung Mong-gyu, supported by the country's largest brokerage house Mirae Asset Daewoo, signed a deal to purchase a controlling stake in Asiana for 2.5t won ($2.2b) from Kumho Industrial. Chung was betting on the deal to boost his company's brand and reputation in the global market, as well as fulfill a personal ambition. The chairman -- who managed Hyundai Motor two decades ago -- before his cousin took the helm, has also spoken of his dream of turning HDC into a mobility solution company. The deal was also expected to create synergy effects as HDC entered the duty-free and resort businesses. But just months after the signing, the coronavirus pandemic decimated air travel demand, both domestic and global. Asiana was hit hard, grounding many of its 85 aircraft and logging a 292b won operating loss in Q1. Story has full details.<br/>