SEOUL -- Korean Air Lines faces heavy resistance to a planned acquisition of domestic rival Asiana Airlines, including from a major shareholder of KAL's parent company that fears a dilution of its stake.
Korea Corporate Governance Improvement, an activist fund and major Hanjin KAL shareholder, expressed "strong opposition" to such a takeover immediately after local media reported the proposal. In an unusual step, the fund indicated its stance even before a formal announcement of the plan was made.
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