Recent Economic and Financial Developments and the Conduct of Monetary Policy Summary of a Speech Given by Toshihiko Fukui, Governor of the Bank of Japan, to the Japan National Press Club in Tokyo on June 20, 2006June 20, 2006Bank of JapanContents Introduction I. Outlook for Economic Activity and Prices II. Developments in Overseas Economies III. Developments in Financial Markets IV. Developments in Inventory Investment V. Developments in Business Fixed Investment VI. Conduct of Monetary Policy in a Low-Inflation Environment VII. A Stable Economic and Price Environment VIII. Conduct of Monetary Policy Conclusion IntroductionJapan's economy continues to grow, with domestic and external demand and also the corporate and household sectors well in balance. The economy is likely to achieve sustainable growth under price stability.Today, I will explain the background of the economic outlook and assess several risk factors influencing the outlook. Moreover, based on the review, I will talk about how the Bank will conduct monetary policy with a view to achieving sustainable growth under price stability.I. Outlook for Economic Activity and PricesI will first summarize the outlook for economic activity and prices. The Bank presented the projection of economic activity and prices for two years ahead through fiscal 2007 in its Outlook for Economic Activity and Prices (hereafter the Outlook Report) released on April 28, 2006: Japan's economy is likely to experience a sustained period of expansion, with domestic and external demand and also the corporate and household sectors well in balance, and the year-on-year rate of increase in the consumer price index (CPI; excluding fresh food, on a nationwide basis) is likely to rise gradually.The Outlook Report pointed to the following four factors as the mechanism behind the projection. First, exports are likely to continue to increase reflecting global economic expansion. Second, corporate performance is likely to continue to be strong. Third, the positive influence of corporate sector strength on the household sector is likely to become stronger. And fourth, financial conditions are likely to remain extremely accommodative.Examining data available after the publication of the Outlook Report, developments in economic activity and prices so far seem to be in line with the projection in the Outlook Report.As for economic activity in fiscal 2005, which is the basis of the projection for fiscal 2006 and 2007, it was confirmed that the economy had continued to grow with balanced external demand and domestic demand particularly in the private sector. Real GDP registered an annualized growth rate of 3.1 percent for the January-March quarter of 2006 and 3.2 percent for fiscal 2005. Corporate performance continued to be strong, as is evident from increases in profits both in the manufacturing and nonmanufacturing sectors at the book closing for fiscal 2005, following the large gains in the previous fiscal year. In this situation, business fixed investment both in the manufacturing and nonmanufacturing sectors showed robust growth during the January-March quarter of 2006, as shown in the quarterly Financial Statements Statistics of Corporations by Industry.As for future developments in economic activity, the corporate sector is likely to remain strong. Major firms are expected to enjoy continued profit growth in fiscal 2006, which in the manufacturing sector is likely to be particularly strong in the processing industries, such as electrical machinery, general machinery, and automobiles, and in the nonmanufacturing sector in industries related to private consumption, such as retailing and services. Various surveys indicate that firms' business fixed investment plans are also relatively strong. We expect that the strength in the corporate sector will continue, but the growth in business fixed investment will gradually slow. I will elaborate on this later.The positive influence of the strength in the corporate sector on the household sector is becoming more evident. As for employment and wages, labor market conditions have been improving on the whole. The unemployment rate has recently declined to around 4 percent from the 5-6 percent level in 2003, and the ratio of job offers to applicants has been exceeding 1.00 for the first time since 1992. In addition to the increase in the number of part-time workers, the number of full-time workers has been increasing recently due to the shortage of labor felt among firms. As for wages, regular payments have started to rise in addition to the increases in overtime and bonus payments. Although the pace of increase in wages is moderate partly due to firms' efforts to restrain labor costs, the increase is likely to continue. With the increase not only in temporary income but also in the more permanent part of income, private consumption is likely to remain strong.Turning to prices, domestic corporate goods prices are rising, due to the surge in the prices of international commodities such as crude oil and nonferrous metals. Recently released statistics show that the year-on-year rate of increase in domestic corporate goods prices was 3.3 percent in May, faster than the 2.5 percent increase in April. It is likely to remain high for the time being.The year-on-year rate of increase in the CPI was 0.5 percent in April and continued to be on an uptrend. Looking at individual prices for items in the CPI basket, the number of items showing price rises is gradually increasing, and the trend toward price increases is becoming more robust. For example, prices for services, such as those for package tours, golf fees, and educational costs, have been revised upward with the start of the new fiscal year. Services prices are important indicators to confirm the general trend in prices, because their movements are largely influenced by changes in wages. Prices of items other than services, such as personal effects and clothing, are also increasing gradually.II. Developments in Overseas EconomiesAs I explained, Japan's economy is likely to achieve sustainable growth under price stability. Domestic private demand seems to be standing on a firm foundation given that structural adjustment pressures in the corporate sector and the financial system have dissipated. This directs our attention to developments in overseas economies as one major risk factor determining the outlook for Japan's economy.In the U.S. economy, business fixed investment and production have been increasing steadily, but signs of deceleration in housing construction have finally been observed and the pace of increase in household spending and employment has been slowing. This trend suggests that interest rate raises by the Federal Reserve to date have been gradually taking effect. The increase in the core CPI has been accelerating slightly, reflecting the rise in utilization of labor and production capacity in addition to high crude oil prices. In this situation, inflationary concerns seem to be mounting. As for developments in the near future, important issues are whether economic deceleration in the United States will result in a soft landing, and whether inflationary concerns will be contained.In Europe, the momentum for economic recovery has been increasing gradually, as is evident from increases in exports and production and the recovery in household spending. Under these circumstances, the European Central Bank has been carefully raising its policy interest rate since 2005 in order to stave off the upward pressure on general prices from high crude oil prices and to sustain the economic expansion.The Chinese economy has continued to show extremely high growth. Monetary policy has been tightened recently so as to deal with the expansion in the money stock and bank lending as well as high growth in business fixed investment. Whether overheating of economic activity can be contained through appropriate policy conduct is an important factor when monitoring developments not only in the Chinese economy but also the world economy, and global price developments including developments in international commodity prices.In 2005, the world economy grew by nearly 5 percent. This expansion has been supported by the fact that a stable financial environment has been maintained by containing upward pressure on prices. A key factor in maintaining a stable financial environment is whether global inflationary concerns continue to be contained in the future.III. Developments in Financial MarketsI would next like to briefly touch on recent developments in global financial markets. Stock prices have been declining in emerging economies as well as in major industrial countries. Financial markets in many emerging economies have been weak, as is evident from the falls in bond prices and foreign exchange rates in addition to stock prices. Prices of some international commodities, including those of nonferrous metals, have declined recently, after exhibiting large increases.Market participants point to various factors behind these developments. One is the adjustment of stock and commodity prices, which had risen substantially in the prolonged accommodative financial environment around the world, in response to changes in the degree of this financial accommodation. Another factor is uncertainty as to whether inflationary risks will be contained, and whether a considerable deceleration of economic activity will be staved off even when inflationary risks are contained.The fundamentals of economies worldwide, including Japan's, do not seem to have changed significantly so far. Under the current economic circumstances, financial markets are evolving in pursuit of a new equilibrium by digesting new information while interacting with each other. Financial market developments continue to warrant careful monitoring, since they influence economic activity through their impact on business and household sentiment.IV. Developments in Inventory InvestmentAs I mentioned earlier, domestic private demand is standing on a firm foundation, but in the corporate sector, it is necessary to pay attention to the possibility of a stock adjustment. Such adjustment involves both downside and upside risks to the outlook for economic activity in the short term: inventory adjustment, for example in IT-related sectors, is a downside risk while a further acceleration of business fixed investment is an upside risk. Given that the output gap has already closed, a further acceleration of business fixed investment should be regarded not only as an upside risk in the short term but also a factor leading to larger economic swings in the longer term as a result of a subsequent downturn.Looking first at inventory investment, levels of inventories are still relatively low. The inventory cycle in the manufacturing sector as a whole suggests that the growth in shipments and inventories is more or less in balance. Focusing on individual industries, excess inventories, particularly of general-purpose products, had built up in the iron and steel, and chemical industries, but recently, adjustments in these industries have been coming to an end. In IT-related sectors, the level of inventories has been somewhat high, but this is basically in line with the increase in shipments, and thus unintended and excessive inventories have not been built up at the moment.There are some factors, however, that may trigger inventory adjustments. For example, although the demand for IT-related goods is expected to continue increasing, there is a possibility of inventory adjustments for such goods occurring depending on developments in demand. This is because the supply of these goods is increasing at a rapid pace, including in the high-value-added products sector where Japanese firms have a competitive edge.V. Developments in Business Fixed InvestmentAs mentioned earlier, a further acceleration in business fixed investment, as another possible avenue of stock adjustments, entails not only an upside risk in the short term but also a factor leading to larger economic swings in the longer term as a result of a subsequent downturn. From a business-cycle point of view, the economic recovery appears to be reaching the mature stage and growth is projected to gradually decelerate to the potential growth rate. Although corporate performance is likely to remain strong, the growth in business fixed investment is expected to slow as the level of capital stock becomes higher with the accumulation of past investment. As a result, the driving force of economic activity will shift gradually from the corporate sector to the household sector.The deceleration in business fixed investment is expected to stave off a build-up of capital stock and contribute to achieving a sustained period of growth. Especially given that the output gap has closed, excessive investment and stronger economic growth are likely to increase the risk of an eventual swingback.So far, no signs of excessive investment have been observed. In the face of intense global competition, firms seem to be selective in allocating their business resources.It is true, however, that the financial environment is extremely accommodative and gives incentives to firms to accelerate business fixed investment. Real short-term interest rates in Japan are currently negative and extremely low compared with real GDP growth currently exceeding 3 percent and an estimated growth rate of the potential output ranging from 1.5 to 2.0 percent. Moreover, the functioning of the financial system has been enhanced and private financial institutions have been maintaining a proactive lending posture. The year-on-year growth in lending by private banks turned positive in the summer of 2005 and has been on a gradual upward trend since.VI. Conduct of Monetary Policy in a Low-Inflation EnvironmentTurning to a slightly theoretical issue, until recently, the main difficulty in conducting monetary policy in a low-inflation environment has been focused on how to deal with the risk of a deflationary spiral.In a low-inflation environment, nominal interest rates are typically low and are thus more probable to be constrained by the zero bound. Because nominal interest rates cannot be lowered below zero, real interest rates are likely to become higher than the optimal level for the economy when prices fall. That increases the risk of the economy falling into a vicious cycle of declining prices and deteriorating economic activity. In Japan, such a risk has been a matter of strong concern since the end of the 1990s. At present, this risk has become low, since the Japanese financial system has restored its stability and firms have now resolved excesses in production capacity, employment, and debt.On the other hand, when economic activity is picking up as a result of an unprecedented monetary easing against severe economic conditions with low inflation, a central bank is required to carry out monetary policy adroitly to adjust monetary accommodation by assessing upside risks.For example, since the inflation rate tends to exhibit strong inertia, even if the supply-demand conditions in the economy become tighter, the observed rate of inflation and inflation expectations are likely to remain anchored at a low level. In such a situation, maintaining an excessively accommodative monetary condition entails a risk of causing temporary overheating of the economy and a subsequent downturn, thereby resulting in larger swings in economic activity.The sensitivity of the rate of inflation to changes in the output gap has tended to become weaker not only in Japan but also abroad in recent years, reflecting structural changes such as deregulation, advances in information and telecommunication technology, and the deepening of economic globalization. Since prices are becoming less sensitive in the short term, central banks are required to take appropriate measures by examining medium- to long-term risks to the economy. This suggests the need to take a forward-looking approach in the conduct of monetary policy.VII. A Stable Economic and Price EnvironmentA stable economic and price environment, once achieved by the appropriate conduct of monetary policy with a view to medium- to long-term risks, allows firms and households to make decisions more smoothly. As a result, the allocation of resources in the economy as a whole will be more efficient, and not only will short-term economic fluctuations be reduced but also the medium- to long-term growth path will be pushed up.Looking back at real GDP trends in Japan and the United States over the past 25 years or so, we see that economies often achieve higher growth when they move in a less volatile manner. As a result of smooth economic adjustments in the early 1980s after the Second Oil Crisis, Japan's economy followed a higher trend growth path than the U.S. economy while it moved in a less volatile manner thereafter. This situation, however, was reversed after the bursting of the asset price bubble in the early 1990s, and Japan's economy experienced a decline in the trend growth path while moving in a volatile manner.Japan's economy is now emerging from the prolonged stagnation that was an aftermath of the bursting of the asset price bubble, and is heading toward a sustainable growth path under price stability. In order to ensure this development, it is important, through the appropriate conduct of monetary policy, to minimize the volatility of business cycles and maintain a stable economic environment.VIII. Conduct of Monetary PolicyBefore concluding my speech today, I will talk about the Bank's conduct of monetary policy based on the assessment of economic activity and prices mentioned so far.The Bank has been reducing the outstanding balance of current accounts at the Bank by paying due attention to the stability of the money market under the guideline for money market operations that encourages the uncollateralized overnight call rate to remain at effectively zero percent. Through this process, the uncollateralized overnight call rate has been stable at around zero percent, despite small temporary increases. In the call market, interest rates have shown some fluctuations reflecting market conditions and the volume of transactions has been gradually increasing. Under these circumstances, the Bank no longer finds it difficult to control the uncollateralized overnight call rate in its day-to-day operations. In this sense, the reduction of the outstanding balance of current accounts has virtually been completed.With regard to the future course of monetary policy, the Bank will conduct monetary policy in line with the thinking described in the Outlook Report as long as developments in economic activity and prices follow the Bank's projection presented also in the Outlook Report. In other words, it seems probable that the accommodative financial conditions ensuing from very low interest rates will be maintained for some time following a period in which the uncollateralized overnight call rate is at effectively zero percent. Through and beyond this stage, the Bank will adjust the level of interest rates gradually in the light of developments in economic activity and prices. The timing of a policy change depends on developments in economic activity and prices from this time on, and there is no predetermined view regarding the future path of monetary policy at this point.The projection in the Outlook Report, which appears to be the desirable course of the economy, that is, sustainable growth under price stability, is based on the assumption that market participants and firms have been factoring in future policy changes to some extent when making their decisions. If the economy develops in line with the projection, changing the policy interest rate in the light of developments in economic activity and prices will stave off an excess of economic activity, minimize the volatility of business cycles, and lead the economy onto a sustainable growth path. The projection suggests that economic activity is likely to slow and prices are expected to follow a moderate uptrend. Consequently, the Bank will not have to drastically adjust the policy interest rate, but, as mentioned earlier, will be able to adjust interest rates "gradually."Of course, there is the time lag before a monetary policy action influences economic activity and prices, and it is therefore necessary to not only take the current economic and price situation into account but also look ahead to future developments. In addition, in assessing developments in economic activity and prices, it is important to pay close attention to a variety of indicators and other relevant information in order to carefully judge overall conditions of economic activity and prices rather than concentrate on just one particular indicator, such as the CPI during the period of quantitative easing.ConclusionIn sum, Japan's economy continues to grow, with domestic and external demand and also the corporate and household sectors well in balance. The Bank is determined to contribute to leading Japan's economy to sustainable growth under price stability, through the appropriate conduct of monetary policy.
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신임 법무장관에 민변 출신 이용철 '성남라인'
[서울=뉴스핌] 박찬제 기자 = 이재명 대통령은 6일 새 법무부 장관에 이용철(66·순창) 현 방위사업청장, 국세청장에 안덕수(55·부산) 서울지방국세청장을 후보로 지명했다. 청와대 새 정무수석으로는 최인호(60·창녕) 더불어민주당 재선 의원 출신인 주택도시보증공사 사장을 임명했다.
임광현 대통령 비서실장은 이날 오후 청와대 춘추관에서 인사 발표 브리핑을 했다. 임 실장은 "국민의 목소리를 더 많이 듣고 소통하겠다는 의지이며 국민 삶 속에 정책 변화와 효능감이 체감될 수 있도록 하는 데 중점을 뒀다"고 이번 인사 방향을 설명했다.
임 실장은 이 법무장관 후보에 대해 "민주사회를 위한 변호사 모임 출신으로 인권 보호와 민주 가치 증진에 힘써 온 변호사"라며 "참여정부 민정수석실 민정2비서관과 법무비서관을 역임하며 반부패와 제도개혁을 주도한 바 있다"고 소개했다.
임 실장은 "법조인이면서도 구조개혁 등 다양한 행정 경험을 갖춘 만큼 새로운 형사사법 체계를 안착시키고 누구도 소외되거나 억울한 일을 겪지 않는 법무 행정을 할 것으로 기대된다"고 이번 인선 배경을 설명했다.
임 실장은 이 후보가 과거 대장동 사건에 연루됐다는 언론 질문에 "그 부분은 검증 때 감안됐고 자세한 건 국회 인사청문회 때 본인이 소명할 걸로 기대한다"며 "적임자를 뽑기 위해 다양한 많은 분에 대한 검증이 있었다"고 밝혔다.
안 국세청장 후보에 대해 임 실장은 "국세청 1조사국장과 징세법무국장, 납세자보호담당관 등 주요 보직을 두루 거친 세무 행정 전문가"라며 소개했다.
임 실장은 "성실하게 세금을 내는 국민이 손해 보지 않도록 악의적 탈세와 숨긴 재산은 끝까지 추적해 조세 정의를 실현할 것으로 기대한다"고 인선 이유를 설명했다.
최 정무수석 내정자에 대해 임 실장은 "부산 지역 재선 국회의원 출신으로 민주당 최고위원과 수석대변인을 역임하며 소통과 통합의 가치를 실천해 온 정치인"이라고 소개했다.
임 실장은 "우리 사회의 통합과 성장을 위해 더 낮은 자세로 여야, 국민과 소통하며 국민이 하나 되는 정치를 뒷받침할 것으로 기대한다"고 인선 배경을 설명했다.
임 실장은 "청와대 내부 인사는 검토가 되는 대로 업무의 연속성과 개혁 성과, 국민 체감을 위해서 필요한 경우에는 적당한 시점에 인사를 하도록 하겠다"고 밝혔다.
pcjay@newspim.com
2026-11-06 15:53
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한진칼 최대주주 오른 호반건설…항공업 진출?
[서울=뉴스핌] 송현도 기자 = 호반그룹이 조원태 한진그룹 회장 측을 0.11%p(포인트) 차로 제치고 한진칼 최대주주(지분율 20.69%)에 오르면서 호반건설의 지분 매입 의도에 관심이 집중되고 있다. 단순 투자라는 공식 입장과 달리, 건설업 불황 속 한진칼 지분이 그룹의 재무적 가치를 뒷받침하는 핵심 자산으로 자리 잡은 데다 과거 금호산업 인수전부터 이어진 항공업 진출 구상에도 다시 힘이 실릴 수 있기 때문이다.
◆ 분양 반토막·PF 대위변제 덮은 6152억 평가차익… 호반의 '손익 방어막'
[AI그래픽=송현도 기자]
6일 건설업계 등에 따르면 호반건설이 주택·건설 경기 침체 속에서도 수천억원을 투입해 한진칼 지분을 확보한 배경에는 재무적 실익이 자리 잡고 있다는 분석이 나온다. 한진칼 주가 상승에 따른 대규모 평가이익이 건설업 불황으로 악화한 그룹의 실적을 보완하는 역할을 하고 있다는 것이다.
호반건설의 2025년 연결감사보고서에 따르면 지난해 연결 매출액은 1조2326억원, 영업이익은 1361억원으로 전년(매출 2조3706억원, 영업이익 2716억원) 대비 각각 절반 수준으로 줄었다. 주력 사업인 분양수익이 1조1476억원에서 2531억원으로 급감한 영향이 컸다.
영업활동 현금흐름도 4728억원 적자로 돌아섰다. 부동산 프로젝트파이낸싱(PF) 보증 의무에 따라 4395억원을 대위변제하면서 2381억원의 기타대손상각비를 인식하는 등 재무 부담도 커졌다. 올해 2월에는 대위변제에 따른 구상채권과 상계하는 방식으로 대구 황금동 주상복합 용지를 2750억원에 취득하기도 했다.
이 같은 본업 부진을 상쇄한 것은 한진칼 지분에서 발생한 평가이익이다. 취득원가가 6966억원인 한진칼 지분의 장부가액은 지난해 말 1조5544억원으로 늘었다. 호반건설은 이를 통해 한 해 동안 6152억원의 금융자산 평가이익을 인식했다. 영업이익이 큰 폭으로 감소했음에도 당기순이익은 4752억원으로 전년(2657억원)보다 78.8% 증가했다.
100% 자회사인 호반호텔앤리조트도 비슷한 구조다. 본업 영업이익은 182억원에 그쳤지만, 보유 중인 한진칼 주식(장부가액 5902억원)에서 2267억원의 평가이익이 발생하면서 당기순이익 1872억원을 기록했다. 호반호텔앤리조트는 이를 바탕으로 모회사 호반건설에 1000억원의 현금배당을 결의하며 자금 공급 역할도 했다.
결국 한진칼 지분은 호반그룹의 실적 방어와 현금 확보에 기여하는 핵심 자산으로 자리 잡았다. 향후 경영권 분쟁 가능성이 이어지면서 한진칼 주가가 추가 상승할 경우 평가이익 확대는 물론 그룹의 순이익과 배당 여력에도 긍정적인 영향을 미칠 수 있다.
◆ '집중투표제' 무기 쥔 호반… 이사회 진입 시 한진 경영권 영향
호반이 내년 3월 정기주총에서 이사회 진입에 성공할 경우, 단순 주주를 넘어 한진그룹 지배구조 전반에 영향력을 행사하게 된다.
한진칼 반기보고서에 따르면 한진칼은 올해 3월 정기주총에서 상법 개정에 맞춰 정관 제30조의 '집중투표제 배제 조항'을 삭제했다.
집중투표제란 주주총회에서 2명 이상의 이사를 선임할 때, 주주가 1주당 선임할 이사의 수만큼 의결권을 부여받고 이를 특정 후보 1명에게 몰아주거나 나누어 투표할 수 있는 제도로, 내년 3월 주총이 한진칼에 집중투표제가 의무 적용되는 첫 무대가 된다. 내년 3월 20일 임기가 만료되는 사외이사는 배성례(ESG경영위원회·보상위원회 위원장), 송백훈(분리선출 감사위원 겸 감사위원장), 홍동표(감사위원 겸 독립이사후보추천위원장) 위원 등 3명이다.
특히나 분리선출 감사위원 표결에서는 최대주주와 특수관계인의 의결권을 합산 3%로 제한하는 강화된 '3% 룰'이 적용된다. 오는 12월 31일 주주명부 폐쇄일 기준 최대주주가 되는 쪽이 의결권에서 불리해지는 구조다. 조원태 회장이 예고대로 12월 중 지분 0.49%를 추가 매수해 최대주주를 탈환하면 조 회장 측 전체 의결권은 3%로 묶이는 반면, 2대 주주가 되는 호반 측은 계열사별로 나눠 총 6.32%를 행사할 수 있다.
호반 입장에서는 감사위원 표결의 실리를 챙기기 위해 연말까지 조 회장의 최대주주 복귀를 용인할 가능성도 거론된다. 일반 사외이사 선임에서도 호반이 주총 6주 전(내년 2월 중순)까지 보유 목적을 경영참여로 바꾼 뒤 집중투표제를 신청해 특정 후보에게 표를 몰아주면 이사회 진입 가능성이 높아진다.
호반 측 인사가 이사회와 감사위원회에 1석이라도 진입하면 상법상 회계장부 열람권과 주요 안건 의결권을 바탕으로 대한항공·아시아나항공 통합 자금 지원, 자회사 부동산 매각, 배당 정책 등에 관여할 수 있다. 나아가 호반호텔앤리조트(리솜리조트)와 한진칼 산하 호텔·관광 계열사(칼호텔네트워크, 한진트래블) 간의 사업 시너지나 자산 매각 협상을 요구할 기반도 확보하게 된다.
반면 한진칼은 지난해 8월 보유 자사주 44만44주(0.66%)를 사내근로복지기금에 전량 출연해 현재 방어에 쓸 수 있는 보통주 자사주가 3주뿐이다. 올해 1월 자회사 칼호텔네트워크가 그랜드하얏트인천 웨스트타워를 2100억원에 매각해 한진칼 본사 현금성자산(단기금융상품 포함 3201억원)은 늘어났지만, 회사 자금으로 자사주를 사들여 방어에 나설 수는 없어 조 회장 개인과 우호 세력의 자금 부담이 커지는 상황이다.
◆ 금호산업 인수전부터 이어진 항공업 진출 시도… 산은 지분 매각이 승부처
재계와 투자은행(IB) 업계에서는 호반의 목표가 단순 차익 실현을 넘어 한진그룹 경영권 인수에 맞춰져 있다는 시각이 나온다.
김상열 호반그룹 창업주는 지난 2015년 아시아나항공의 모회사였던 금호산업 인수전에 단독 응찰하며 항공업 진출을 시도한 바 있다. 당시 채권단과의 가격 이견으로 무산됐지만, 이후 리솜리조트와 퍼시픽랜드를 인수해 레저 사업을 확장했고 2022년 사모펀드 KCGI로부터 한진칼 지분을 사들이며 항공·레저 수직계열화를 추진했다. 주택 사업에 편중된 그룹의 포트폴리오를 바꿀 카드로 한진칼을 낙점했다는 평가다.
내년 3월 주총에서는 조 회장 측과 델타항공, 한국산업은행(10.58%) 등 우호 지분이 과반에 육박해 당장 경영권 확보가 쉽지 않다. 한진칼 시가총액이 적정 가치(3조3000억원 추산)를 웃도는 12조3000억원대까지 올라, 장내에서 지분 1%를 추가 확보하는 데 1230억원이 드는 점도 부담이다.
호반건설의 지난해 말 연결 현금 및 단기유동성 금융자산이 1조1916억원 수준이지만, 단기금융부채 역시 1년 새 679억원에서 5172억원으로 늘어 장내 매수를 지속하긴 어렵다.
결국 향후 승부처는 항공 산업 구조 개편이 끝난 뒤 시장에 나올 산업은행의 한진칼 지분 10.58%다. 대한항공은 올해 5월 아시아나항공 흡수합병을 결의한 데 이어 8월 12일 소규모합병 승인 이사회 결의를 완료하며 연말 통합 항공사 출범을 앞두고 있다. 내년 3월 저비용항공사(LCC) 3사 통합까지 마무리되면 산은이 지분을 보유할 정책적 명분은 사라지고 공적자금 회수 절차가 진행된다.
산은은 2020년 11월 체결한 투자합의서에 따라 의무 위반 시 5000억원의 위약벌을 부과할 담보로 조원태 회장의 한진칼 주식 385만8869주(약 5.78%)에 근질권을 설정해 두고 있으며, 유사시 조 회장 지분까지 묶어 제3자에게 팔 수 있는 동반매각요구권과 동반매도참여권을 보유하고 있다.
호반이 20%대 지분을 바탕으로 이사회에 진입해 경영에 관여하다가 향후 산은 지분 10.58% 인수전에 참여해 이를 확보할 경우, 지분율을 31% 이상으로 끌어올릴 수 있다. 건설업계 관계자는 "산은 지분 인수나 경영권 확보가 여의치 않더라도, 과거 대우건설·금호산업 사례에서 보듯 지분 가치를 높인 뒤 조 회장 측 우호 세력에게 경영권 프리미엄을 얹어 블록딜로 넘기는 출구 전략을 택할 수도 있다"고 설명했다.
dosong@newspim.com
2026-11-06 15:07












