August 16, 2012
Korean Air Lines said it has submitted a bid for a stake in Korea Aerospace Industries (KAI), in a deal estimated by the market to be worth around KRW1.2 trillion won (USD$1.06 billion).
The airline has submitted its letter of intent to Korea Development Bank, one of the lead managers of the sale, Korean Air Lines said.
Korea Finance, Korea Aerospace's largest shareholder, has put up for sale a combined 42 percent stake in the country's sole aircraft maker with an eye to selling the share by the end of the year.
Credit Suisse is a co-lead manager in the sale.
