Will Delta stick to old friend, keep Korean carrier in Cho family's hand?

Delta Air Lines and Japan Airlines are emerging as potential allies in keeping Korean Air under the Cho family’s control as Hoban Group closes in on Hanjin KAL shares. Delta holds 14.9 percent of Hanjin KAL, while Hoban owns 20.15 percent, leaving Cho and his related parties just 0.42 percentage point ahead. Korea Development Bank still holds 10.58 percent and has not decided when or how to exit. JAL recently bought Hanjin KAL shares as part of a new strategic partnership with Korean Air.

Hoban now owns 20.15 percent of Hanjin KAL, just 0.42 percentage point below Cho and his related parties.

Delta Air Lines holds a 14.9 percent stake in Hanjin KAL and has previously voiced high confidence in Cho and the current management.

Japan Airlines disclosed earlier this month that it acquired Hanjin KAL shares alongside a new strategic partnership with Korean Air, but the stake appears to be below 5 percent.

Korea Development Bank still holds a 10.58 percent stake and has not decided when or how to exit.

If KDB’s shares were acquired by Hoban, Hoban’s stake would rise to 30.73 percent.

Published Sep 15, 2026 7:00 am KST

Hanjin Group chairman urged to win more support from Delta, JAL for tighter management control

A Delta Air Lines sign is seen outside of Terminal 4 at John F. Kennedy International Airport in New York, Aug. 28. Reuters-Yonhap

With Hoban Group’s stake in Hanjin KAL nearly matching that of Hanjin Group Chairman Cho Won-tae and his interested parties, Delta Air Lines and Japan Airlines (JAL) are emerging as potentially crucial allies in maintaining the Cho family's control of Korean Air.

As Hoban closes in on Cho’s stake in Hanjin KAL, Korean Air’s controlling shareholder is counting on its old ally, Delta Air Lines, to help hold the line.

Delta owns a 14.9 percent stake in Hanjin KAL, making it one of the largest shareholders and a key pillar of Cho’s shareholder base. The U.S. carrier has also maintained a deep strategic relationship with Korean Air for years, and is widely considered to stand in favor of Cho’s leadership.

That support could become increasingly important as the ownership structure tightens.

Hoban now owns 20.15 percent of Hanjin KAL, just 0.42 percentage point below Cho and his related parties. The gap is small enough to turn every major shareholder into a potential kingmaker, particularly as Korea Development Bank (KDB) still holds a 10.58 percent stake and has yet to decide when and how to exit.

Korean Air's Boeing 777F aircraft / Courtesy of Korean Air

Delta has already made its position toward Cho clear. At a press conference in June last year, Delta said the airline had high confidence in Cho and the current management, while describing Korean Air as a proud partner. Delta has continued to deepen its partnership with Korean Air through their trans-Pacific joint venture.

Delta’s 14.9 percent stake gives it considerable influence, but it does not automatically make the carrier a permanent voting ally of Cho. In a potential control battle, Delta would have to weigh its long-term partnership with Korean Air against its own financial interests.

JAL’s recent move makes that calculation more complicated.

Earlier this month, the carrier disclosed that it acquired Hanjin KAL shares alongside a new strategic partnership with Korean Air. The size and purchase price were not disclosed, but the absence of a 5 percent-or-more ownership filing indicates that JAL’s stake is likely below 5 percent.

JAL’s entry gives Cho another potential ally, just as Hoban’s stake gets higher.

Still, the numbers show why Cho cannot afford complacency.

Even if Delta and JAL side with him, the eventual destination of KDB’s 10.58 percent stake could alter the balance dramatically. If those shares were acquired by Hoban, its stake would rise to 30.73 percent, fundamentally changing the shareholder landscape.

“The status quo leaves Cho with a crucial task of turning the commercial partnerships with the two overseas carriers into durable shareholder support before KDB begins its exit,” an industry official said.

随着浩班集团(Hoban Group)逐步逼近韩进KAL(Hanjin KAL)的股份，达美航空和日本航空(Japan Airlines)正成为潜在的盟友，力图将韩进KAL继续掌控在赵氏家族手中。达美航空持有韩进KAL 14.9%的股份，浩班集团持有20.15%，这意味着赵氏家族及其关联方仅领先0.42个百分点。韩国开发银行(Korea Development Bank)仍持有10.58%的股份，尚未决定何时以及如何退出。日本航空近期收购了韩进KAL的股份，作为与大韩航空建立新的战略合作伙伴关系的一部分。

Hoban 目前持有韩进韩国航空 20.15% 的股份，仅比 Cho 及其关联方少 0.42 个百分点。

达美航空持有韩进KAL 14.9%的股份，此前曾对赵承熙和现任管理层表示高度信任。

日本航空公司本月早些时候披露，已收购韩进KAL的股份，并与大韩航空建立了新的战略合作伙伴关系，但持股比例似乎低于5%。

韩国开发银行仍持有10.58%的股份，尚未决定何时或如何退出。

如果Hoban收购KDB的股份，Hoban的持股比例将上升至30.73%。

发布于2026年9月15日 上午7:00（韩国标准时间）

韩进集团董事长被敦促争取达美航空和日本航空的更多支持，以加强管理控制。

8月28日，纽约肯尼迪国际机场4号航站楼外，可以看到达美航空公司的标志。（路透社-韩联社）

由于 Hoban 集团在韩进航空 (KAL) 的股份几乎与韩进集团董事长赵元泰及其相关方的股份持平，达美航空和日本航空 (JAL) 正在成为维持赵氏家族对大韩航空控制权的潜在关键盟友。

随着 Hoban 逐渐逼近 Cho 在韩进 KAL 的股份，大韩航空的控股股东正指望着其老盟友达美航空来帮助守住阵地。

达美航空持有韩进KAL 14.9%的股份，是其最大的股东之一，也是赵承熙股东基础的重要组成部分。这家美国航空公司多年来一直与大韩航空保持着深厚的战略合作关系，并被普遍认为支持赵承熙的领导。

随着所有权结构日趋收紧，这种支持可能会变得越来越重要。

Hoban目前持有韩进KAL 20.15%的股份，仅比赵显龙及其关联方少0.42个百分点。如此小的差距足以让每一位主要股东都成为潜在的“造王者”，尤其是韩国产业银行（KDB）仍持有10.58%的股份，且尚未决定何时以及如何退出。

大韩航空的波音777F货机 / 图片由大韩航空提供

达美航空已明确表明其对赵镛基的立场。在去年6月的新闻发布会上，达美航空表示，公司对赵镛基及其现任管理团队充满信心，并称大韩航空是其引以为豪的合作伙伴。达美航空还通过其跨太平洋合资企业，不断深化与大韩航空的合作关系。

达美航空持有14.9%的股份，拥有相当大的影响力，但这并不意味着达美航空就自动成为赵镛基的永久投票盟友。在潜在的控制权争夺战中，达美航空必须权衡其与大韩航空的长期合作关系与自身的经济利益。

日航最近的举动让这种计算变得更加复杂。

本月初，该航空公司披露已收购韩进KAL的股份，并与大韩航空建立了新的战略合作伙伴关系。收购规模和价格均未披露，但由于未提交持股比例达到5%或以上的持股文件，因此日航的持股比例可能低于5%。

日航的加入让赵又多了一个潜在盟友，而霍班的赌注也越来越大。

但这些数字表明，赵不能掉以轻心。

即便达美航空和日本航空支持他，KDB持有的10.58%股份最终去向也可能彻底改变格局。如果这些股份被Hoban收购，其持股比例将升至30.73%，从根本上改变股东格局。

一位业内人士表示：“维持现状后，赵显龙面临着一项至关重要的任务，那就是在韩国产业银行开始退出市场之前，将与两家海外航空公司的商业伙伴关系转化为持久的股东支持。”