South Korea's airline M&A left adrift by the pandemic

SEOUL -- The coronavirus pandemic has already derailed one major acquisition in South Korea's airline industry, now a second hangs in the balance.

HDC Hyundai Development, a midsize building company spun off from the Hyundai group, has been looking to break into aviation by purchasing Asiana Airlines, the country's second-largest carrier. In late December, HDC Chairman Chung Mong-gyu, supported by the country's largest brokerage house Mirae Asset Daewoo, signed a deal to purchase a controlling stake in Asiana for 2.5 trillion won ($2.2 billion) from Kumho Industrial.