Two regulators examine the purchases
Hoban's stake reportedly reached about 20.6% following the purchases, up from 20.15% on July 10, 2026, according to ChosunBiz and Aju Press. That increase led Hoban to conclude it may have overtaken Cho's camp and become Hanjin KAL's largest shareholder, prompting the merger notification.
The Korea Fair Trade Commission has 30 days from the filing date to assess whether a business combination could restrict competition under South Korea's Fair Trade Act. It can extend that period by as much as 90 days if necessary, SBS News reported.
A separate inquiry concerns disclosure obligations. According to ChosunBiz, the Financial Supervisory Service is checking whether the purchases required Hoban or its affiliates to report a change in their holdings and whether any required reports went unfiled. Hoban has not identified the purchasing entity or disclosed the exact size or timing of the purchases.
Cho's planned purchase and shareholder support
Cho has also agreed to increase his holdings. On Nov. 2, 2026, he signed an agreement to acquire 325,000 Hanjin KAL common shares for 114,000 won apiece, or 37.05 billion won in total. The off-hours block deal is scheduled to settle between Dec. 3, 2026, and Jan. 1, 2027, according to The Herald Business and Aju Press.
Completion would bring Cho's personal holding to 4,194,612 shares, or 6.23%, from 3,869,612 shares, or 5.75%. His combined stake with family members and other related parties would rise from 20.57% to 21.06%.
The comparison with Hoban does not include all of Cho's supporters. Delta Air Lines held 14.90% of Hanjin KAL and state-run Korea Development Bank held 10.58%, according to semiannual reports covering the end of June 2026. Both are considered friendly shareholders. Together with Cho's family and related parties, their holdings would exceed 46% after his planned purchase, assuming no other changes, leaving that group well ahead of Hoban, Aju Press reported.
The National Pension Service could also influence a future shareholder contest. It has a reported 5.46% stake, according to SBS News and Aju Press.
The bank's role and the next shareholder meeting
Korea Development Bank's position is viewed as potentially decisive in a control contest, The Herald Business reported. The bank obtained its 10.58% stake through a 500 billion won investment in Hanjin KAL's 2020 rights offering to support Korean Air's acquisition of Asiana Airlines. As that restructuring approaches completion, the bank has growing grounds to consider an exit.
The ownership contest comes about six weeks before Korean Air's merger with Asiana Airlines, scheduled for Dec. 17, 2026. Hanjin KAL holds 26.13% of Korean Air. The merger is expected to place the combined airline among the world's 10 largest by fleet size, according to Aju Press.
Hanjin KAL's next shareholder meeting is scheduled for March 2027 and is seen as a key point in the contest for control. The terms of all three independent directors recommended by Korea Development Bank expire that month, The Herald Business reported.
