Published : 2013-03-05 20:34
Updated : 2013-03-05 20:34
Korean Air Lines Co., South Korea’s top air carrier, has submitted a bid for a 44 percent stake in the troubled Czech Airlines as part of efforts to strengthen its network in Europe, a company official said Tuesday.
Korean Air has said it plans to spend “several million dollars” to acquire the stake, though it will not include managerial control of the Czech Republic’s flag carrier.
“We submitted a letter of intent earlier in March,” the Korean Air official said. He did not elaborate and asked not to be identified, citing policy.
Korean Air has said the deal, if successful, will help strengthen its network in Europe by taking advantage of Czech Airlines’ network in Eastern Europe. Currently, Korean Air flies to and from 12 destinations in Europe and Russia. (Yonhap News)