Hanjin Group Chairman Cho Fights Back Against Hoban Group for Control of Hanjin Kal
On 15 May, Hanjin KAL Corp (180640 KS) announced that it will contribute 440,044 shares of its treasury stock to the company’s welfare fund, representing 0.7% of its common shares.
This is a clear indication of Hanjin Kal Chairman Cho Won-Tae and his allies launching a management rights defense against Hoban Group which recently increased its stake in Hanjin Kal.
The higher probability scenario is for Hanjin Kal's shares to retrace down to below 100,000 won level as a full blown M&A fight is not likely in the near future.
Source: Korean Air
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