Delta and JAL poised to influence Korean Air control as Hoban gains ground

Hoban Group's ownership in Hanjin KAL has risen to 20.15%, narrowing the gap with Cho Won-tae and related parties, whose combined holding is only 0.42 percentage points higher. Delta Air Lines, a 14.9% shareholder, has publicly praised Cho and the airline's management, reinforcing a long-standing strategic partnership through a trans-Pacific joint venture. Japan Airlines has also entered the shareholder mix, acquiring a stake that appears to be below the 5% reporting threshold, thereby offering Cho an additional foreign ally.

Korea Development Bank retains a 10.58% stake and has yet to decide on the timing or method of its divestment, a factor that could dramatically shift control if Hoban acquires those shares. Industry observers warn Cho must convert these commercial ties into solid voting support before KDB's exit. The evolving ownership structure makes every major shareholder a potential kingmaker in any future control contest.