Delta Air Lines has increased its stake in Korean Air’s controlling shareholder, Hanjin KAL, to 9.21%.
The US carrier announced in June it acquired a 4.3% stake in Hanjin KAL, with plans to increase this to 10%. At the end of July it held 3 million shares in Hanjin KAL, amounting to a 5.13% share.
Delta’s latest disclosure to the Korean stock exchange shows it has consistently purchased shares from the open market since August, amassing 2.4 million shares at a cost of W69.6 billion ($58.4 million).
The two SkyTeam carriers launched an immunised joint venture across the Pacific in May 2018. The partnership has allowed both airlines to add new routes in the market, including from Boston and Minneapolis/St Paul to Seoul Incheon.