Hanjin KAL roars on renewed control dispute hints with Hoban

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The story "Hanjin KAL roars on renewed control dispute hints with Hoban" was covered 12 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Hanjin KAL roars on renewed control dispute hints with Hoban - Korea Economic Daily

Quick Summary:

Shares of Hanjin KAL Corp., the holding firm of South Korean flag carrier Korean Air Lines Co., extended their rally Wednesday morning after surging by the daily limit high of 30% the previous day on news that Hoban Group has upped its stake in the holding firm to 18.46% from 17.90%.

With the latest stake acquisition, the local mid-sized construction-to-leisure conglomerate has narrowed the gap between its holdings in Hanjin KAL and those of the Korean transportation giant’s Chairman Cho Won-tae and affiliated persons to a mere 1.5 percentage points.

Hoban stated that the latest stake purchase is part of its general investment strategy, but market watchers speculate that the group may wage a proxy war to challenge Chairman Cho's control of the transportation conglomerate.