Japan Airlines acquired an undisclosed stake in Hanjin KAL, the holding company of Korean Air, while establishing a strategic partnership spanning passenger services, cargo, staffing and future businesses. The investment has raised expectations that JAL could act as a white knight, or ally supporting Chairman Cho Won-tae, as Hoban Group expands its position. Hoban held 20.15% in July, compared with 20.57% for Cho and related parties, a gap of 0.42 percentage points. Delta Air Lines owns 14.90%, the Korea Development Bank 10.58% and the National Pension Service 5.11%; Delta and the state lender are considered aligned with Cho’s camp. If JAL is also friendly, Cho’s side would control well over 46%. Korean Air and JAL will expand cooperation despite belonging to SkyTeam and oneworld, respectively. Their plans include incorporating Asiana Airlines’ Korea-Japan routes after the December integration, taking Korean Air’s Japan schedule from about 250 to approximately 400 weekly flights, jointly using cargo terminals, exchanging personnel and training facilities, and pursuing MRO, sustainable aviation fuel, urban air mobility and startup investments. Their partnership builds on cooperation dating to 1963, before diplomatic normalization between South Korea and Japan.