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Hyundai Development says consortium closes US$2.2 billion acquisition of Asiana Airlines

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South Korean builder Hyundai Development Co said on Friday its consortium has closed on its 2.5 trillion won (US$2.16 billion) acquisition of a ...

SEOUL: South Korean builder Hyundai Development Co said on Friday its consortium has closed on its 2.5 trillion won acquisition of a controlling stake in the country's second-biggest carrier Asiana Airlines Inc .

Hyundai Development said out of the 2.5 trillion won its consortium with Mirae Asset will pay for the acquisition, its portion was 2.01 trillion won.The airline's top shareholder, Kumho Industrial Co Ltd , put its 31.05per cent stake up for sale earlier this year as it came under pressure from Asiana creditors to reduce debt at the loss-making carrier.

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